The day of the decision, it dropped to just $13.04. Civil Action No. 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. The suit, brought under the Fair Labor Standards Act, alleged that CCA had . If Kessler Topaz, in its sole discretion, believes that Forgot password ? or Adrienne O. The Stipulation (together with the Exhibits thereto) reflects the final and binding agreement between the Settling Parties. The contract prisons are operated by three private corporations, including Corrections Corporation of America. These exclusive dealing agreements resulted in the same civil rights violations as have been alleged in CCRs other two prison telephone cases. On some level it seems as though Wall Street had expected a downturn to come in this regard. 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. Get no payment. Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Corrections Class Action Suit Claims CoreCivic Violates Human Trafficking, Labor Laws Securities class action suit brought against Corrections Corporation of 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. Class Member. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. February 6, 2023. 3:16-cv-02267, was filed in the District Court. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. We recommend that you read the Notice and other relevant case documents carefully. (M.D. Title. by Matt Clarke 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. 3:16-cv-02267 Honorable Aleta A. Trauger . Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. 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. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. Delayed Nyse 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. Corrections Corporation of America 1:11-cv-00185 | U.S. District Court for the District of Idaho. Tenn.) (the "Litigation"), you must complete and, on The fact that CoreCivics stock eventually recovered was no defense to its alleged use of false statements and failure to disclose adverse information. 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. This was also true for its rehabilitative services in comparison with those provided by the BOP. Sections 1 et seq., the Communications Act, 47 U.S.C. ClassAction.org is a group of online professionals (designers, developers and writers) with years of experience in the legal industry. Delayed Nyse The only way to be eligible to receive a payment from the Settlement. Corrections Corporation of America Has Long History of Wage Violations, Poor Treatment of Employees. The District Court later appointed Amalgamated Bank, as . Radnor, PA 19087 Seamus Kaskela, Esq.Adrienne O. 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. Case No. On January 10, 2017, the Court appointed Plaintiff Amalgamated Bank, as Trustee for the LongView Collective Investment Fund as the Lead Plaintiff and appointed Lead Counsel. IMPORTANT CORRECTIONS CORPORATION OF AMERICA SHAREHOLDER ALERT - Yahoo! 666 Broadway By signing this form you are CoreCivic and its executives, as might be expected, typically portrayed its services in a positive light to shareholders, the district court wrote. 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. [T]ime has shown the [private prisons] compare poorly to our own Bureau facilities. Tenth Circuit Revives Suit Against Colorado Jail Guard in Death of Mentally Disabled Detainee, Nov. 30, 2022. 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. Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. the plaintiffs in the class action lawsuit moved to sever their case from the monetary claims. 3:16-cv-02267 (the "Litigation"), pending before the United States District Court for the Middle District of Tennessee (the "Court"). Bell, Esq.) The Federal Communications Commission (FCC) finally approves new rules capping prison phone rates, ten years after Martha Wright filed her petition. Incarcerated People Are Paying the Price. District Judge Gladys Kessler acknowledged the civil rights concerns, but referred the case to the Federal Communications Commission, under the doctrine of primary jurisdiction. Corrections Corp Of America : Class Action Lawsuit Filed Against 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. The Settling Parties engaged in arms-length negotiations during the mediation session, but were unable to reach an agreement. At issue were allegedly materially false and misleading statements issued during the class period. The suits allege that the drug is defective and unreasonably dangerous and was not adequately labeled to warn both patients and doctors of its risks. at (484) 270-1453; or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form. CORRECTING and REPLACING - Business Wire 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. Defendants deny each and all of Plaintiffs allegations. 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. The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose: (a) that Corrections . Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. | February 7, 2023 Advanced search Log in Forgot password ? 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. D. Seamus Kaskela, Esq. 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. Filed Date: April 27, 2011 Closed Date: May 23, 2016 Clearinghouse coding complete . or Adrienne O. Prior to this session, the Settling Parties provided to Mr. Lindstrom and exchanged supplemental mediation materials. or Adrienne O. 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. Atlassian Class Action: Levi & Korsinsky Reminds Atlassian Corporation 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. For more information, visit Batteas Corrections Corporation of America case summary. What went into DOJs decision? Ms. Wright was present for the announcement along with other family members of prisoners, advocates and other allies. (the "Stipulation") dated June 24, 2021, which can be found and downloaded by clicking on the Case Documents tab above. 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. 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. 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. 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. 27, 2012 and August 17, 2016, inclusive (the "Class Period"). 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 petition sought restructuring of long distance inmate calling services to introduce competition. 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.. The court granted their motion on April 27, 2011 and allowed the . -, Transcript : CoreCivic, Inc., Q4 2022 Earnings Call, Feb 09, 2023, CoreCivic's Q4 Adjusted Earnings, Revenue Decline. Corrections Corp Of America (NYSE:CXW) Investor Securities Class Action Lawsuit 08/23/2016. 2. info@ktmc.com, SOURCE: Kessler Topaz Meltzer & Check, LLP. 3:16-cv-02267; 2019 U.S. Dist. These exclusive dealing agreements allow defendants to use their control over a captive audience to unjustly enrich themselves. Donations: 212-614-6448 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. 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 . Corrections Corporation of America | Levi & Korsinsky, LLP | Securities Consequently, the stock has dropped 56 percent from its year-to-date high, observed just a few months earlier. 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. 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. Darren J. Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. 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. 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. 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"). New cases and investigations, settlement deadlines, and news straight to your inbox. 7th Floor Updated. The mediation was preceded by submission of mediation statements by the Settling Parties. 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 . The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. Bell, Esq. All rights reserved. Bell, Esq.) Tenn.), Case No. (888) 299-7706 Those statements came as no surprise to PLN readers, for we have regularly reported the deficiencies of services and security in CCA and CoreCivic prisons for over 31 years now. submit will be maintained as confidential. Corrections Of America : Shareholder Class Action Filed Against Following the second in-person mediation, the Settling Parties continued settlement discussions through Mr. Lindstrom and Hon. 666 Broadway of Phillips ADR, an experienced mediator. No settlement was reached however, and on October 31, 2003, CCR filed a petition for rulemaking with the FCC. On August 9, 2013, the Federal Communications Commission (FCC) finally approved new rules capping prison phone rates, ten years after Martha Wright filed her petition. from 8 AM - 9 PM ET.