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Case Status:    ONGOING    
On or around 07/27/2017 (Ongoing date of last review)

Filing Date: August 23, 2016

According to the law firm press release, CCA, together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. The Company owns, operates, and manages prisons and other correctional facilities, and provides inmate residential and prisoner transportation services for governmental agencies. As of 2015, CCA was the largest private corrections company in the United States, and manages more than 65 correction and detention facilities in 19 states and the District of Columbia.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.

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.

On this news, CCA’s share price fell $9.65, or 39.45%, to close at $17.57 on August 18, 2016.

On January 10, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on March 13.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CXW
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Tennessee
DOCKET #: 16-CV-02267
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 08/23/2016
CLASS PERIOD START: 02/27/2012
CLASS PERIOD END: 08/17/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bramlett Law Offices (Nashville)
    2400 Crestmoor Road; P.O. Box 150734, Bramlett Law Offices (Nashville), TN 37215
    615.248.2828 866.816.4116 ·
  2. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: M.D. Tennessee
DOCKET #: 16-CV-02267
JUDGE: Hon. Aleta A. Trauger
DATE FILED: 03/13/2017
CLASS PERIOD START: 02/27/2012
CLASS PERIOD END: 08/17/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrett Johnston Martin & Garrison, LLC
    414 Union Street, Suite 900, Barrett Johnston Martin & Garrison, LLC, TN 37219
    615-244-2202 615-252-3798 ·
  2. Robbins Geller Rudman & Dowd LLP (Nashville)
    414 Union Street, Suite 900, Robbins Geller Rudman & Dowd LLP (Nashville), TN 37219
    615-244-2203 615-252-3798 ·
No Document Title Filing Date