Clear Channel Communications Inc. chairman Lowry Mays and chief financial officer Randall Mays
signed statements Friday attesting that the company's most recent financial
reports with the Securities and Exchange Commission contain no material errors
The oaths followed persistent Wall Street rumors that the company will be swept
in the wake of corporate accounting scandals.
"Clear Channel has always operated openly, honestly and fairly, and we are
proud to sign these statements personally," Lowry Mays said. "Clear Channel is pleased
to file this personal certification well ahead of the SEC deadline and to join
President Bush and the Congress in support of corporate responsibility and
The documentation is required by the new Public Company Accounting Reform and
Investor Protection Act.
In trading Friday, Clear Channel stock closed down 10 cents to $24.88 per share. Since
May 31, its share price has dropped from $53.23.