NEW YORK, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against DocGo, Inc. (NASDAQ: DCGO), and Clear Channel Outdoor Holdings, Inc. (NYSE: CCO). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
DocGo, Inc. (NASDAQ: DCGO)
On July 30, 2023, the New York Times published an article reporting on a "rocky" start to DocGo's migrant relocation efforts in New York City. The New York Times article reported that asylum-seekers have complained of threats and "broken promises" after New York City awarded DocGo a no-bid $432 million contract in May to move migrants outside the city. Specifically, the article stated that "[l]ocal authorities have expressed frustration at the lack of coordination between DocGo and agencies that could provide services to the migrants; local security guards hired by DocGo have repeatedly threatened the migrants; and finding steady work has been nearly impossible[.]" DocGo's $432 million contract nearly matches the Company's total 2022 revenue of roughly $441 million.
Following publication of the New York Times article, DocGo's stock price fell $0.53 per share, or 6.29%, to close at $7.89 per share on July 31, 2023.
Then, on September 14, 2023, the Albany Times Union published an article reporting that DocGo's Chief Executive Officer ("CEO") Anthony Capone had falsified portions of his professional biography regarding his educational history. On the following day, September 15, 2023, DocGo disclosed Capone's resignation as CEO in a filing with the U.S. Securities and Exchange Commission.
On this news, DocGo's stock price fell $0.76 per share, or 11.76%, to close at $5.70 per share on September 15, 2023.
For more information on the DocGo investigation go to: https://bespc.com/cases/DCGO
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO)
On September 28, 2023, the U.S. Securities and Exchange Commission issued a press release "announc[ing] that Clear Channel Outdoor Holdings Inc. agreed to pay more than $26 million to resolve charges that it bribed Chinese government officials to obtain outdoor advertising contracts in violation of the Foreign Corrupt Practices Act (FCPA)." The press release stated that Clear Channel "violated the FCPA in connection with the actions of its agent, Clear Media Limited, which, at the relevant time, was a Clear Channel majority-owned subsidiary in China. Specifically, the order finds that, from at least 2012 through 2017, Clear Media bribed Chinese government officials to obtain contracts required to sell advertising services to public and private sector clients for display on public bus shelters and other outdoor displays. In addition, the order finds that Clear Media used sham intermediaries and false invoices to generate cash for off-book "customer development" consultants engaged to win advertising business from government and private customers. According to the order, Clear Media's improper payments were falsely characterized as legitimate entertainment, cleaning and maintenance, and "customer development" expenses in Clear Channel's consolidated books and records. The order further finds that, from at least 2012 through 2019, Clear Channel failed to ensure that sufficient internal accounting controls were in place at Clear Media."
On this news, Clear Channel's stock price fell $0.05 per share, or 3.07%, to close at $1.58 per share on September 29, 2023.
For more information on the Clear Channel investigation go to: https://bespc.com/cases/CCO
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
