Layn R. Phillips (Ret.). ClassAction.org is a group of online professionals (designers, developers and writers) with years of experience in the legal industry. You will not be charged for these lawyers. Bell, Esq.) Finally, this claim also takes into account the recent decision by the U.S. Department of Justice not to renew or extend its contracts with private corrections companies, which sent Corrections Corporations stock plummeting in mid-August. Copyright 2023 Surperformance. The Settling Parties engaged in arms-length negotiations during the mediation session, but were unable to reach an agreement. Fax: 212-614-6499, CCR filed a petition for rulemaking with the FCC. Bell, Esq. Kessler Topaz Meltzer & Check, LLPDarren J. [T]ime has shown the [private prisons] compare poorly to our own Bureau facilities. The Settlement, if approved, will result in the creation of a cash settlement fund of $56,000,000.00 (the Settlement Amount). 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. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. Read more here: Camp Lejeune Lawsuit Claims. 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. Remember Or log in with Google Twitter Facebook Apple Sign up New York, NY 10012, Main: 212-614-6464 08/23/2016. The suit, brought under the Fair Labor Standards Act, alleged that CCA had . Sections 151 et seq., and other laws of the District of Columbia. Delayed Nyse 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. The Trump administration reversed course on the end of private prison contracts from the government. authorizing us to contact you regarding this case and/or future cases. That included the likely discontinuation of its reliance upon private companies to run its facilities, as part of an effort to enact reforms that would ensure more proportional sentences and effective use of federal resources.. Please read this entire Notice carefully. KESSLER TOPAZ MELTZER & CHECK, LLP 2023 ALL RIGHTS RESERVED. Class Member. 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. The plaintiffs allege the defendant threatened to punish detainees who refused to engage in tasks that the case claims included cleaning the entire facility, preparing meals for law enforcement events, clerical work, providing barber services, and preparing clothing for new inmates. This action is still ongoing. The district court found that Amalgamated had met the requirements of numerosity, commonality, typicality and adequacy of representation for class certification. The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. 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. 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. District Judge Gladys Kessler acknowledged the civil rights concerns, but referred the case to the Federal Communications Commission, under the doctrine of primary jurisdiction. or Adrienne O. Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. 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. Frank Krogh, Doane Kiechel, and Jennifer Kostyu, Morrison & Forester LLP, Deborah Golden, D.C. Prisoners Project,Stephen Seliger and Laurie Elkin, Seliger & Elkin Ltd. Kessler Topaz Meltzer & Check, LLP Title. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. Specifically, the suit claims that, among other things, Corrections Corporation did not advise investors as to shortcomings in its safety and security standards, and that it was apparently less efficient when it came to providing these things tothe Federal Bureau of Prisons. On April 15, 2021, the Settling Parties accepted the mediators proposal to resolve the Litigation, and on May 19, 2021, executed a Settlement Agreement memorializing their agreement. PCWG, 1114 Brandt Drive, Tallahassee FL 32308 Immediately below are spreadsheets of suits against the biggest vendors. info@ktmc.com, SOURCE: Kessler Topaz Meltzer & Check, LLP. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. While Corrections Corporation of America still has a number of contracts with the DOJ that have yet to expire, the decision had a massive negative impact on the companys stock prices, which began reeling more or less immediately after the announcement. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. New to ClassAction.org? Judge Trauger found there was a strong case to be made that CoreCivic got off easy with respect to the OIG report. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. 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. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. Radnor, PA 19087 Following the second in-person mediation, the Settling Parties continued settlement discussions through Mr. Lindstrom and Hon. 3:16-cv-02267, has been certified by the District Court as a class action; and Amalgamated Bank, as Trustee for . Receive no payment. 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. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. The precipitous decline in the market value caused the class to suffer significant losses and damages., CoreCivic President and CEO Damon Hininger said the company was glad to put the litigation behind itself. New York, NY 10012, Main: 212-614-6464 Buckfire Law Wins Jail Death Trial Against Corizon Health's Employees Dec, 16 2022 Private prison company execs accused of downplaying detainee lawsuits Aug 26, 2022 The court granted their motion on April 27, 2011 and allowed the . 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. Provides Earnings Guidance for the Year 2023, CoreCivic, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2022, CoreCivic, Inc. Reports Earnings Results for the Full Year Ended December 31, 2022, CoreCivic Announces 2022 Fourth Quarter Earnings Release and Conference Call Dates, CoreCivic to Redeem 4.625% Senior Notes Due 2023. D. Seamus Kaskela, Esq. The contract prisons are operated by three private corporations, including Corrections Corporation of America. Since then, Correction Corporation has been trading at less than $20 more or less the entire time, and the most recent price available for the stock was just $15.40 per share. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated June 24, 2021, which can be found and downloaded by clicking on the Case Documents tab above. Wedbush Upgrades CoreCivic to Outperform From Neutral, Adds Stock to Best Ideas List, A.. Senior VP-Federal & Local Customer Relations, Chief Financial Officer & Executive Vice President, Chief Information Officer & VP-Technology, Chief Operating Officer & Executive Vice President. Additional sources: usnews.com, tennessean.com. Corrections Corporation of America Securities Fraud Class Action | New Cases | Kessler Topaz Submit your Information Please complete this form and list your purchase and sale transaction (s) for Corrections Corporation of America (NYSE: CXW) between February 27, 2012 and August 17, 2016, inclusive (the "Class Period"): Defendants deny each and all of Plaintiffs allegations. The alternative proposal requests 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. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). Tenth Circuit Revives Suit Against Colorado Jail Guard in Death of Mentally Disabled Detainee, Nov. 30, 2022. To recover as a Member of the Class based on your claims in the action entitled Grae v. Corrections Corporation of America, et al., Civil Action No. The lawsuit looks to represent anyone residing in California whose account was involuntarily closed by Bank of America since February 27, 2019, resulting in the loss of their earned cash rewards on their Bank of America credit card. By signing exclusive agreements that typically result in excessively high rates and surcharges on collect-only calling by prisoners, their constitutional rights to speech and association, their rights to foster and maintain family relations under the First and Fourteenth Amendments, their rights to due process and equal protection of law under the Fifth and Fourteenth Amendments, and their right to unimpaired freedom of contract under Article 1, Section 10, are all being violated.

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