corrections corporation of america class action lawsuit

Investors who purchased CCA securities during the Class Period may seek to be appointed by the Court as a lead plaintiff representative of the class. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. The banks lawsuit essentially claims that CoreCivic officials made numerous statements about how well the company was fulfilling its contracts with the federal government and how happy their clients were with CoreCivics performance when, in fact, the companys facilities were receiving poor marks on audits and its executives were exchanging emails about how bad the situation was and how the contracts were in danger. The Federal Communications Commission (FCC) finally approves new rules capping prison phone rates, ten years after Martha Wright filed her petition. They, however, came as a shock to the stock market. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. 666 Broadway As detailed in the complaint, on August 18, 2016, Deputy Attorney General Sally Yates announced the DOJ's decision to end its use of private prisons, including those operated by CCA, after officials concluded that the facilities are both less safe and less effective at providing correctional services than those run by the federal government. Please read this entire Notice carefully. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. Delayed Nyse Defendants contend that they did not engage in a scheme to defraud, did not make any false or misleading statements, disclosed all information required to be disclosed by the federal securities laws, that the prices of the Companys securities were not artificially inflated, and that no damage to the Companys stock price resulted from Defendants alleged wrongdoing. (484) 270-1453; or via e-mail at info@ktmc.com. Any information you Bell, Esq.) RADNOR, PA / ACCESSWIRE / August 29, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP alerts Corrections Corporation of America shareholders that a class action lawsuit has been filed. Investors who purchased CCA securities during the Class Period may seek to be appointed by the Court as a lead plaintiff representative of the class. Read our Newswire Disclaimer. CCA shareholders may, no later than October 24, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. The complaint alleges that CCA and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) CCA's facilities lacked adequate safety and security standards and were less efficient at offering correctional services than the Federal Bureau of Prisons' ("BOP") facilities; (ii) CCA's rehabilitative services for inmates were less effective than those provided by BOP; (iii) consequently, the U.S. Department of Justice ("DOJ") was unlikely to renew and/or extend its contracts with CCA; and (iv) as a result of the foregoing, CCA's public statements were materially false and misleading at all relevant times. Kessler Topaz Meltzer & Check, LLPDarren J. the plaintiffs in the class action lawsuit moved to sever their case from the monetary claims. They also alleged that the agreements violate the Sherman Anti-Trust Act, 15 U.S.C. Corrections Corporation of America, a nationwide class action lawsuit, seeking to enjoin, declare illegal, and recoup damages resulting from conspiracies between CCA and various telephone companies, including Evercom, Inc., MCI-Worldcom, Pioneer Telephone Corporation, AT&T, and Global Telecommunications Link, Inc. CCA operates 82 prisons and In 2014 and 2015 reports, CCA said, We are committed to equipping offenders in our care with the services, support, and resources necessary to return the community as productive, contributing members of society., The facade fell off on August 18, 2016, when Deputy General Attorney Sally Yates announced the Department of Justice had decided to end its use of private prisons. As more fully described in the Notice of Proposed Settlement of Class Action(the "Notice"), the initial complaint in this action was filed on August 23, 2016. Goldberg Law PC announces that a class action lawsuit has been filed against Corrections Corporation of America .. | February 6, 2023. ) ) ) ) ) ) ) ) Civil Action No. New cases and investigations, settlement deadlines, and news straight to your inbox. Plaintiffs Consolidated Complaint for Violation of the Federal Securities Laws (the Complaint), filed on March 13, 2017, alleges that Defendants violated 10(b) and 20(a) of the Securities Exchange Act of 1934. CoreCivic, Inc. Reports Impairment of Real Estate Assets for the Fourth Quarter Ended D.. CoreCivic, Inc. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. Last week . of Phillips ADR, an experienced mediator. On March 26, 2019, a federal district court in Tennessee granted class-action certification in a shareholder lawsuit brought against CoreCivic, formerly Corrections Corporation of America, that alleged the company made statements misrepresenting the quality and value of its services, resulting in losses to stockholders. The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. securities between February 27, 2012 and August 17, 2016, inclusive, and who were damaged thereby. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). Are you a current or former employee of Corrections Corporation of America (2016)? Darren J. In reaching this conclusion, U.S. District Court Judge Aleta A. Trauger quoted emails in which CoreCivic executives expressed concerns about the pending report, then surprise and pleasure that it did not dwell on some of the more serious deficiencies at private prisons such as continuous understaffing and was directed more at problems with the BOPs oversight role. Please download the PDF to view it: Download PDF. A securities class action lawsuit was recently filed against the private prison giant Corrections Corporation of America, alleging that the company made false or misleading statements, and failed to disclose certain information that would have otherwise been important for investors to know. (the "Stipulation") dated June 24, 2021, which can be found and downloaded by clicking on the Case Documents tab above. D. Seamus Kaskela, Esq. What Is This Lawsuit About? CCA, together with its subsidiaries, owns, operates, and manages private prisons and other correctional facilities in the United States, and provides inmate residential and prisoner transportation services for governmental agencies. Following this news, shares of the Company's stock declined $9.65 per share, or over 35%, to close on August 18, 2016 at $17.57 per share, on unusually heavy trading volume. This website has been established to provide general information related to the proposed settlement of the case entitledGrae v. Corrections Corporation of America, et al., Civil Action No. Bell, Esq.) On August 23, 2016, an action captioned , Grae v. Corrections Corporation of America, et al. at (888) 299 - 7706 or at info@ktmc.com. This is the only option that. Below these are specific cases. The lawsuit, filed in August 2016 against the company and four executives, alleges CoreCivic, formerly named Corrections Corp. of America, made false and misleading statements about its. The civil complaint cited statements made in Annual Reports CCA filed with the Securities and Exchange Commission. PLN managing editor Alex Friedmann, who owns a small amount of CoreCivic stock as an activist investor, mainly for the purpose of filing shareholder resolutions, has filed a separate derivative suit against CoreCivic that was stayed pending developments in the Grae case, which remains pending. Amalgamated alleged it alone lost $1.2 million when CoreCivics stock price fell sharply after an August 18, 2016 memorandum by then-Deputy U.S. Attorney General Sally Q. Yates directed the federal Bureau of Prisons (BOP) to phase out private prison contracts a directive later reversed by the Trump administration. Layn R. Phillips (Ret.). Check, Esq., D. Seamus Kaskela, Esq. | November 22, 2022 Additional sources: usnews.com, tennessean.com. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. The agreement included, among other things, the Settling Parties agreement to settle the Litigation in return for a cash payment of $56,000,000 for the benefit of the Class, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court. The effect on stock prices Wedbush Cuts Price Target on CoreCivic to $15 From $17, Citing Cash Flow Forecasts, Kee.. Wells Fargo Upgrades CoreCivic to Outperform from Neutral, Sets $17 Price Target. CCA, together with its subsidiaries, owns, operates, and manages private prisons and other correctional facilities in the United States, and provides inmate residential and prisoner transportation services for governmental agencies. Atlassian Class Action: Levi & Korsinsky Reminds Atlassian Corporation Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of April 4, 2023 - TEAM Published: Feb. 13, 2023 . The contract prisons are operated by three private corporations, including Corrections Corporation of America. Check, Esq.D. Lawsuits are now being filed on behalf of Elmiron patients who suffered permanent retinal injuries and seek to recover money for physical and mental anguish, medical expenses and more. Bell, Esq. It owns and operates prisons and jails, including immigration jails and "community corrections" centers, and uses forced prison labor. Sections 151 et seq., and other laws of the District of Columbia. 280 King of Prussia Road the matter and whether to establish an attorney client relationship. KESSLER TOPAZ MELTZER & CHECK, LLP 2023 ALL RIGHTS RESERVED. The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose: (a) that Corrections . GENERAL INSTRUCTIONS 1. or Adrienne O. The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. The court wrote that the fundamental question was, Did a statement matter? A successful plaintiff must show the misleading statements or failure to disclose was material to a negative stock price impact that caused the loss, but those were issues for trial, not for certifying a class. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible. CoreCivics defense was that an August 11, 2016 report by the Department of Justices Office of the Inspector General (OIG) laid bare the problems in privately-operated federal prisons. On Aug. 18, U.S. Deputy Attorney General Sally Yates made the announcement that, based on a number of factors, the DOG would put a number of reforms into place to ensure a more effective federal prison system, according to investment news site The Motley Fool. The only way to be eligible to receive a payment from the Settlement. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Fax: 212-614-6499, CCR filed a petition for rulemaking with the FCC. Its alleged that because the company did not reveal these issues to investors, it materially misled them and caused significant financial harm when the stock price dropped sharply. Check, Esq., D. Seamus Kaskela, Esq. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. CCR filed a petition for rulemaking with the FCC. Your rights may be affected by the Settlement if you purchased or otherwise acquired Corrections Corporation of America, Inc. (CCA or the Company) (n/k/a CoreCivic) during the period from February 27, 2012 through and including August 17, 2016 (the Class Period). The mediation was preceded by submission of mediation statements by the Settling Parties. Forgot password ? Title. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. Following this news, shares of the Company's stock declined $9.65 per share, or over 35%, to close on August 18, 2016 at $17.57 per share, on unusually heavy trading volume. Receive no payment. Radnor, PA 19087 Copyright 2023 Surperformance. Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. 3:16-cv-02267; 2019 U.S. Dist. RADNOR, Pa., Aug. 24, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Corrections. More specifically, Plaintiff alleges that throughout the Class Period, Defendants engaged in a scheme to defraud and made materially false and misleading statements and/or failed to disclose adverse information regarding the Companys business and operations, which caused the price of the Companys securities to trade at artificially inflated prices, until the circumstances concealed by the alleged fraud were revealed and the Companys securities prices significantly declined. Ms. Wright was present for the announcement along with other family members of prisoners, advocates and other allies. (610) 667-7706 Private prison operator CoreCivic, formerly known as Corrections Corporation of America (CCA), paid $56 million to settle a class action lawsuit alleging it violated securities laws that resulted in a loss to stock holders. The lawsuits two lead plaintiffs, former civil immigration detainees who were incarcerated and worked at the defendants 1,492-bed Otay Mesa Detention Center in California, alleges CoreCivic illegally forces and/or coerces detainees to clean, maintain and operate its detention facilities. Tenn.), Case No. The Trump administration reversed course on the end of private prison contracts from the government. The case claims punishments for non-compliant detainees could range from physical restraint to sustained restriction, deprivation, and violation of their liberty, and solitary confinement.. CoreCivic and its executives, as might be expected, typically portrayed its services in a positive light to shareholders, the district court wrote. later than October 24, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. CORRECTIONS CORPORATION OF AMERICA, et al., Defendants. ) 3:16-cv-02267, has been certified by the District Court as a class action; and Amalgamated Bank, as Trustee for . Community Corrections E-Carceration In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. Filed Date: April 27, 2011 Closed Date: May 23, 2016 Clearinghouse coding complete . | February 7, 2023 Advanced search Log in Forgot password ? RADNOR, PA / ACCESSWIRE / August 29, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP alerts Corrections Corporation of America (NYSE: CXW) ("CCA" or the "Company") shareholders that a class action lawsuit has been filed in the Middle District of Tennessee on behalf of purchasers of the Company's securities between February The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. Sections 1 et seq., the Communications Act, 47 U.S.C. Following Yates announcement, CCAs stock fell $9.65, or 39.45%, to close at $17.57 on August 18, 2016, the complaint alleged. CCA also boasted that, as of December 10, 2010, the American Correctional Association (ACA), an independent organization of corrections industry professionals that establishes standards by which a correctional facility may gain accreditation, had accredited 85% of its facilities. Kessler Topaz Meltzer & Check, LLP The settlement was greeted cheerfully by the stock market, as seen by the 3.5% gain in CoreCivics stock price after the it was announced. from 8 AM - 9 PM ET. Adrienne O. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. Wedbush Upgrades CoreCivic to Outperform From Neutral, Adds Stock to Best Ideas List, A.. . Whether anything actually comes of that remains to be seen. RADNOR, Pa., Aug. 24, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Corrections Corporation of America (NYSE: CXW) ("CCA" or the "Company") on behalf of purchasers of the Company's securities between February 27, 2012 and August 17, 2016, inclusive (the "Class Period"). A securities class action lawsuit was recently filed against the private prison giant Corrections Corporation of America, alleging that the company made false or misleading statements, and failed to disclose certain information that would have otherwise been important for investors to know. or Adrienne O. A shareholder class-action lawsuit was filed Wednesday against Corrections Corporation of America, a private prison company that was the subject of a recent Mother Jones investigation. Remember Or log in with Google Twitter Facebook Apple Sign up The case is currently in discovery. But the court agreed with Amalgamated that the OIG report did not address the scope of the problems. We believe that this percentage compares favorably to the percentage of government-operated adult prisons that are accredited by the ACA, the report stated. Consequently, the stock has dropped 56 percent from its year-to-date high, observed just a few months earlier. Corrections Corporation of America is a civil rights case which challenged the monopolies that phone companies and the Corrections Corporation of America (CCA) maintain in the prison systems of the United States. The petition sought restructuring of long distance inmate calling services to introduce competition. CCR and its partners filed an alternative rulemaking proposal requesting that the FCC establish benchmark rates for all interstate inmate calling services no higher than $0.20 per minute for debit calling and $0.25 per minute for collect calling. CoreCivic, Inc., formerly Corrections Corporation of America, is the defendant proposed class action filed over alleged human trafficking and labor law violations.

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