Amalgamated Bank, as Trustee for the LongView Collective Investment Fund, sought to represent a class of investors who bought and sold CoreCivic stock between February 27, 2012 and August 17, 2016, including at least 783 major institutions and numerous minor institutions and private parties who owned the companys stock during that period. The FCC sought comments on petitioners alternative proposal in the spring of 2007, and supportive comments were filed with the FCC by many organizations, including the Ad Hoc Coalition for the Right to Communicate and the Sentencing Project. Ms. Wright was present for the announcement along with other family members of prisoners, advocates and other allies. Wedbush Upgrades CoreCivic to Outperform From Neutral, Adds Stock to Best Ideas List, A.. 666 Broadway A trial is scheduled for May 18, 2021. The district court found that Amalgamated had met the requirements of numerosity, commonality, typicality and adequacy of representation for class certification. 2023 BATTEA CLASS ACTION SERVICES, LLC, ALL RIGHTS RESERVED, Securities class action suit brought against Corrections Corporation of America, reforms that would ensure more proportional sentences and effective use of federal resources., Class Action Award Processing & Distribution, Securities Class Action Settlement History, visit Batteas Corrections Corporation of America case summary, Securities class action suit filed against Fiat Chrysler Automobiles, Securities class action lawsuit filed against Spectrum Pharmaceuticals . 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 complaint in this action was not filed by Kessler Topaz Meltzer & Check. Delayed Nyse 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. 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. . Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys fees and expenses. -, Transcript : CoreCivic, Inc., Q4 2022 Earnings Call, Feb 09, 2023, CoreCivic's Q4 Adjusted Earnings, Revenue Decline. CoreCivic and its executives, as might be expected, typically portrayed its services in a positive light to shareholders, the district court wrote. Check, Esq. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. at (888) 299 7706 or at [emailprotected]. It also provides e-carceration technologies, transportation, and other services as part of the criminal punishment system. Title. GLOBALLY RECOGNIZED ROSEN LAW FIRM Encourages Credit Acceptance No settlement was reached however, and on October 31, 2003, CCR filed a petition for rulemaking with the FCC. 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. Atlassian Class Action: Levi & Korsinsky Reminds Atlassian Corporation The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. They, however, came as a shock to the stock market. The case is currently in discovery. The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. Corrections Corp Of America (NYSE:CXW) Investor Securities Class Action Lawsuit 08/23/2016. LEXIS 50444. 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. The petition sought restructuring of long distance inmate calling services to introduce competition. Corrections Of America : Shareholder Class Action Filed Against The Stipulation (together with the Exhibits thereto) reflects the final and binding agreement between the Settling Parties. The suit, brought under the Fair Labor Standards Act, alleged that CCA had . 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): You may also contact Jon Naji, Esq. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). 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. Securities class action suit brought against Corrections Corporation of The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. This was also true for its rehabilitative services in comparison with those provided by the BOP. The outlook for CoreCivic and the private prison industry took a hit with the Biden administration in the White House. When typing in this field, a list of search results will appear and be automatically updated as you type. Join us on the front lines for social justice! The submission of this form does not create an attorney-client relationship, nor an obligation on (484) 270-1453; or via e-mail at info@ktmc.com. Ask to speak in Court about the fairness of the Settlement. In March of 2007, CCR and its partners filed an alternative rulemaking proposal. 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. Please read this entire Notice carefully. The contract prisons are operated by three private corporations, including Corrections Corporation of America. Shareholders who have incurred losses in Corrections Corporation of America securities are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Shareholder Class Action Filed Against Corrections Corporation of All rights reserved. Tennessee: Federal Court Grants Class-Action Status in Shareholder Suit The complaint in this action was not filed by Kessler Topaz Meltzer & Check. Tranche Update on CoreCivic, Inc.'s Equity Buyback Plan announced on May 16, 2022. https://www.ktmc.com/new-cases/corrections-corporation-of-america#join, CoreCivic Reports Fourth Quarter and Full Year 2022 Financial Results. On August 23, 2016, the initial complaint in this securities class action was filed against Corrections Corporation of America (CCA) and certain of CCAs top officials, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. 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.. or Adrienne O. The day of the decision, it dropped to just $13.04. At issue were allegedly materially false and misleading statements issued during the class period. 3:16-cv-02267. The district court held that Amalgamated was entitled to the rebuttable presumption that it relied on the companys material public statements when making stock purchases. 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. Sections 1 et seq., the Communications Act, 47 U.S.C. TN, Case No. Remember Or log in with Google Twitter Facebook Apple Sign up For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. 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. 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. Tranche Update on CoreCivic, Inc.'s Equity Buyback Plan announced on May 16, 2022. https://www.ktmc.com/new-cases/corrections-corporation-of-america#join, http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-corrections-corporation-of-america--cxw-300317822.html, CoreCivic Reports Fourth Quarter and Full Year 2022 Financial Results. Kessler Topaz Meltzer & Check, LLP 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. 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. 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. Shares of Corrections Corp Of America (NYSE:CXW) declined from $27.38 per share to . 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. You will still be a Member of the Class. 3:16-cv-02267 Honorable Aleta A. Trauger PROOF OF CLAIM AND RELEASE I. For more information, visit Batteas Corrections Corporation of America case summary. Tenth Circuit Revives Suit Against Colorado Jail Guard in Death of Mentally Disabled Detainee, Nov. 30, 2022. or Adrienne O. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. Case: Kelly v. Corrections Corporation of America - Clearinghouse 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. CCA shareholders may, no On Aug. 17, the day before the DOJ announcement, Correction Corporation was trading at just $27.22 per share. Bell, Esq. On May 26, 2019, the Court certified the Class consisting of all persons who purchased or otherwise acquired Corrections Corporation of America. In short, the defendants profited from their unfair control over imprisoned people. Incarcerated People Are Paying the Price. 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. Class Action Lawsuit List | Open & Current Cases | ClassAction.org He emphasized that CoreCivic believed the allegations in the lawsuit were without merit.. Security. Corrections Corporation of America Securities Fraud Class Action | New Layn R. Phillips (Ret.). 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. In this lawsuit, plaintiffs alleged that unconscionable phone arrangements established by the Corrections Corporation of America and various telephone companies violated their constitutional rights. Advanced search Log in. 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. 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. CORRECTING and REPLACING - Business Wire Bell, Esq.) 3:16-cv-02267, has been certified by the District Court as a class action; and Amalgamated Bank, as Trustee for . Copyright 2023 Surperformance. 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.