Cumulus Announces Conclusion of SEC Investigation of Alleged Actions from 1999.Business Editors ATLANTA--(BUSINESS WIRE)--Dec. 10, 2003 Cumulus Media Cumulus Media, Inc. (also known as Cumulus Broadcasting) NASDAQ: CMLS is a large owner of radio stations in markets in the United States with 307 stations in 61 markets as of December 31, 2005. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CMLS CMLS Central Minnesota Legal Services CMLS Chemical Movement in Layered Soils CMLS Centralized Mail List Services (GSA) CMLS Contractor Maintenance & Logistics Support ) today announced that it has reached an agreement with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission to settle the previously disclosed investigation by the SEC of certain actions alleged to have occurred in 1999. The SEC has alleged that Cumulus cumulus: see cloud. , as a result primarily of the actions of three of its former officers--Richard W. Weening, the former Executive Chairman; Richard J. Bonick, Jr., the former Chief Financial Officer; and Daniel O'Donnell, the former Vice President of Finance--violated certain provisions of the federal securities laws in 1999. Pursuant to the settlement, and without admitting or denying any of the SEC's allegations, Cumulus has consented to the entry of an order enjoining en·join tr.v. en·joined, en·join·ing, en·joins 1. To direct or impose with authority and emphasis. 2. To prohibit or forbid. See Synonyms at forbid. Cumulus from future violations of certain provisions of the federal securities laws. The SEC will assess no monetary penalties or fines against Cumulus. Cumulus believes that the SEC settlement represents the last step in resolving the stockholder and regulatory matters that arose over three years ago under its former management. Cumulus Media Inc. is the second-largest radio company in the United States based on station count. Giving effect to the completion of all announced pending acquisitions and divestitures, Cumulus Media will own and operate 287 radio stations in 58 mid-size, U.S. media markets. The company's headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com. The information above may contain forward-looking statements. Such statements reflect management's beliefs and expectations, and are subject to risks and uncertainties that may cause actual results or outcomes to differ materially. A discussion of risks and uncertainties that may affect Cumulus Media, Inc. is included in Cumulus Media's periodic filings with the SEC. |
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