NEW YORK -- (Business Wire)

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Citadel Broadcasting Corporation (“Citadel” or the “Company”) (OTC: CDELA.PK) for potential breaches of fiduciary duties in connection with their duty to disclose material information in the Form S-4 (“S-4”) filed with the U.S. Securities and Exchange Commission on July 12, 2011. The S-4 is seeking to get shareholders’ approval of the sale of the Company to Cumulus Media Inc. (“Cumulus”) (NASDAQ: CMLS) in a deal valued at roughly $2.5 billion. Under the terms of the proposed transaction, Citadel shareholders will have the right to elect to receive: (i) $37.00 in cash, (ii) 8.525 shares of Cumulus Media Class A common stock, or (iii) a combination of cash and Cumulus Media Class A common stock.

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Whether Citadel’s Board of Directors breached their fiduciary duties to Citadel’s stockholders by failing to disclose all material information in the S-4, whether it failed to maximize shareholder value and if so by how much the sale undervalues the Company to the detriment of Citadel’s shareholders are the key focus of this investigation.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

If you own common stock in Citadel and wish to obtain additional information, please visit us at www.faruqilaw.com/CDELA or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

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Contacts:

Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330

Source: Faruqi & Faruqi, LLP