The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of Florida on behalf of investors who purchased The GEO Group, Inc. (NYSE: GEO) securities between March 1, 2012 and August 17, 2016.
According to the complaint, during the Class Period, GEO made false and/or misleading statements and/or failed to disclose that: (a) GEO’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) the Company’s rehabilitative services for inmates were less effective than the BOP’s services; (c) the U.S. Department of Justice (“DOJ”) was unlikely to renew and/or extend its contracts with GEO; and (d) as a result of the above, GEO’s public statements were materially false and misleading at all relevant times.
On August 18, 2016, it was announced that the DOJ has decided to stop using private prisons. Upon this news, shares of GEO closed at $19.51 per share, following a previous close of $32.29 per share.
If you suffered a loss in The GEO Group 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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