Case Background:
On August 23, 2016, the initial complaint in this securities class action was filed against Corrections Corporation of America (“CCA”) and certain of CCA’s top officials, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. The Class Representative alleges that defendants engaged in a scheme to defraud and made numerous materially false and misleading statements and omissions to investors regarding CCA’s business and operations, including by falsely stating that: (i) the outsourcing of correctional services to CCA resulted in improving correctional services for government agencies, including the BOP; (ii) CCA’s facilities were operated “in accordance with” applicable policies, procedures and contractual requirements; (iii) CCA’s renewal rate on contracts was and would remain high because of the “quality” of services it provided to government customers; and (iv) the outsourcing of correctional services to CCA resulted in significant costs savings for government agencies, including the BOP.
On May 26, 2019, the Court certified the Class consisting of all persons who purchased or otherwise acquired Corrections Corporation of America. securities between February 27, 2012 and August 17, 2016, inclusive, and who were damaged thereby.
Current Status of Case:
On November 8, 2021, the Court granted the Motion for Final Approval of the Class Action Settlement. This action has concluded.
The deadline to file a claim is November 19, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.corecivicsecuritieslitigation.com/, or you can contact the claims administrator, Gilardi & Co. at 1-866-779-6819.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.