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. Are you a current or former employee of Corrections Corporation of America (2016)? 3:16-cv-02267 (the "Litigation"), pending before the United States District Court for the Middle District of Tennessee (the "Court"). $2.57 Million Settlement for Hogtying Death in NC Police Custody, Nov. 30, 2022. But the court agreed with Amalgamated that the OIG report did not address the scope of the problems. Corrections Corporation of America 1:11-cv-00185 | U.S. District Court for the District of Idaho. The effect on stock prices 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. 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. 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. Martha Wright v. 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. CoreCivic, Inc., formerly known as Corrections Corporation of America, is the defendant in a 36-page proposed class action lawsuit alleging the company operates its detention facilities in violation of state and federal human trafficking and labor laws. On May 26, 2019, the Court certified the Class consisting of all persons who purchased or otherwise acquired Corrections Corporation of America. It owns and operates prisons and jails, including immigration jails and "community corrections" centers, and uses forced prison labor. 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. 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 Settlement Amount and any interest it earns constitute the Settlement Fund. The Settlement Fund, after deduction of Court-approved attorneys fees and expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court, is the Net Settlement Fund. If the Settlement is approved by the Court, the Net Settlement Fund will be distributed to eligible Authorized Claimantsi.e., Members of the Class who timely submit valid Proofs of Claim and Releasein accordance with the proposed Plan of Allocation. In reaching this conclusion, U.S. District Court Judge Aleta A. Trauger quoted emails in which CoreCivic executives expressed concerns about the pending report, then surprise and pleasure that it did not dwell on some of the more serious deficiencies at private prisons such as continuous understaffing and was directed more at problems with the BOPs oversight role. at (888) 299-7706 or at info@ktmc.com. D. Seamus Kaskela, Esq. [T]ime has shown the [private prisons] compare poorly to our own Bureau facilities. They also alleged that the agreements violate the Sherman Anti-Trust Act, 15 U.S.C. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. By Aug. 1, it was down to a little more than $32.50, then the downturn started picking up more speed. 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 agreement included, among other things, the Settling Parties agreement to settle the Litigation in return for a cash payment of $56,000,000 for the benefit of the Class, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court. 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 . 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. 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. CCA specifically listed the ACA, The Joint Commission, the National Commission on Correctional Healthcare, the Occupational Safety and Health Administration, federal, starts, and local government codes and regulations, established correctional procedures, and company-wide policies and procedures that may exceed those guidelines that it met or exceeded. Check, Esq., D. Seamus Kaskela, Esq. We recommend that you read the Notice and other relevant case documents carefully. CoreCivic and its executives, as might be expected, typically portrayed its services in a positive light to shareholders, the district court wrote. Whether anything actually comes of that remains to be seen. Status. The Federal Communications Commission (FCC) finally approves new rules capping prison phone rates, ten years after Martha Wright filed her petition. Check, Esq.D. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. 666 Broadway 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. Check, Esq. 3:16-cv-02267, has been certified by the District Court as a class action; and Amalgamated Bank, as Trustee for . In the lawsuit, plaintiffs alleged that the unconscionable arrangements violated their constitutional rights to speech and association, their rights to foster and maintain family relations under the First and Fourteenth Amendments; their rights to due process and equal protection of law under the Fifth and Fourteenth Amendments; and their right to unimpaired freedom of contract under Article 1, Section 10. at (888) 299 - 7706 or at info@ktmc.com. 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. Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(888) 299 - 7706(610) 667 - 7706[emailprotected], SOURCE Kessler Topaz Meltzer & Check, LLP, Cision Distribution 888-776-0942 YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT, , Civil Action No. Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. -, Transcript : CoreCivic, Inc., Q4 2022 Earnings Call, Feb 09, 2023, CoreCivic's Q4 Adjusted Earnings, Revenue Decline. Fax: 212-614-6499, CCR filed a petition for rulemaking with the FCC. Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. If Kessler Topaz, in its sole discretion, believes that Read our Newswire Disclaimer. Following Yates announcement, CCAs stock fell $9.65, or 39.45%, to close at $17.57 on August 18, 2016, the complaint alleged. (M.D. On February 28, 2019, the Settling Parties participated in a voluntary confidential mediation with Gregory Lindstrom, Esq. Seamus Kaskela, Esq.Adrienne O. 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. 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. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Expert depositions are scheduled to conclude on October 30, 2020. Detainees who were paid small wages for their work, the case alleges, were only allowed to spend these funds at CoreCivics commissary. Receive no payment. Plaintiffs Consolidated Complaint for Violation of the Federal Securities Laws (the Complaint), filed on March 13, 2017, alleges that Defendants violated 10(b) and 20(a) of the Securities Exchange Act of 1934. Radnor, PA 19087 info@ktmc.com, SOURCE: Kessler Topaz Meltzer & Check, LLP. Tenn.), Case No. In short, the defendants profited from their unfair control over imprisoned people. 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. No settlement was reached however, and on October 31, 2003, CCR filed a petition for rulemaking with the FCC. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. . Specifically, the suit claims that, among other things, Corrections Corporation did not advise investors as to shortcomings in its safety and security standards, and that it was apparently less efficient when it came to providing these things tothe Federal Bureau of Prisons. 3:16-cv-02267; 2019 U.S. Dist. 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). Bell, Esq. Bell, Esq.) The District Court later appointed Amalgamated Bank, as . The only way to be eligible to receive a payment from the Settlement. 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. Donations: 212-614-6448 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. TN, Case No. 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. 2009 the U.S. District Court for the District of Kansas unsealed a $7 million settlement agreement in a nationwide class-action wage and hour lawsuit against CCA. 3:16-cv-02267. Updated. 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. District Judge Gladys Kessler acknowledged the civil rights concerns, but referred the case to the Federal Communications Commission, under the doctrine of primary jurisdiction. Remember Or log in with Google Twitter Facebook Apple Sign up The plaintiffs allege the defendant threatened to punish detainees who refused to engage in tasks that the case claims included cleaning the entire facility, preparing meals for law enforcement events, clerical work, providing barber services, and preparing clothing for new inmates. KESSLER TOPAZ MELTZER & CHECK, LLP 2023 ALL RIGHTS RESERVED. By signing exclusive agreements that typically result in excessively high rates and surcharges on collect-only calling by prisoners, their constitutional rights to speech and association, their rights to foster and maintain family relations under the First and Fourteenth Amendments, their rights to due process and equal protection of law under the Fifth and Fourteenth Amendments, and their right to unimpaired freedom of contract under Article 1, Section 10, are all being violated. or Adrienne O. 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. CCA shareholders may, no The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. Buckfire Law Wins Jail Death Trial Against Corizon Health's Employees Dec, 16 2022 Private prison company execs accused of downplaying detainee lawsuits Aug 26, 2022 Private prison operator CoreCivic, formerly known as Corrections Corporation of America (CCA), paid $56 million to settle a class action lawsuit alleging it violated securities laws that resulted in a loss to stock holders.