The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Middle District of Tennessee on behalf of investors who purchased Corrections Corporation of America (NYSE: CXW) securities between February 27, 2012 and August 17, 2016.
According to the complaint, the Company made false and/or misleading statements and/or failed to disclose: (a) that Corrections Corporation’s facilities lacked adequate safety and security standards and were less efficient at offering correctional services than the Federal Bureau of Prisons’ (“BOP”) facilities; (b) that the Company’s rehabilitative services for inmates were less effective than the BOP’s services; (c) that the U.S. Department of Justice (“DOJ”) was unlikely to renew and/or extend its contracts with Corrections Corporation; (d) and that as a result of the above, Corrections Corporation’s public statements were materially false and misleading at all relevant times. On August 18, 2016, the DOJ announced that it has decided to stop using private prisons, since they are less safe and less effective than federal government-run prisons.
If you suffered a loss in Corrections Corporation you have until October 24, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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