||Corrections Corporation of America
||United States District Court for the Middle District of Tennessee
||The Hon. Aleta A. Trauger
||Between February 27, 2012 and August 17, 2016
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:
The case is currently in discovery. Expert depositions are scheduled to conclude on October 30, 2020. A trial is scheduled for May 18, 2021. This action is still ongoing.
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