LOS ANGELES, CA / ACCESSWIRE / October 19, 2016 / Lundin Law PC (the "Firm") announces a class action lawsuit against Corrections Corporation of America ("Corrections Corporation" or the "Company") (CXW) concerning possible violations of federal securities laws between February 27, 2012 and August 17, 2016 (the "Class Period"). Investors, who purchased or otherwise acquired shares during the Class Period, should contact the Firm prior to the October 24, 2016 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that during the Class Period, Corrections Corporation made false and/or misleading statements and/or failed to disclose: that the Company's facilities lacked adequate safety and security standards and were less efficient at offering correctional services than the Federal Bureau of Prisons' ("BOP") facilities; that the Company's rehabilitative services for inmates were less effective than the BOP's services; that the U.S. Department of Justice ("DOJ") was unlikely to renew and/or extend its contracts with Corrections Corporation; 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, Deputy Attorney General Sally Yates announced that the DOJ decided to stop using private prisons, since they are less safe and less effective than federal government-run prisons. When this news became public, the stock price of Corrections Corporation lowered, thus causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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SOURCE: Lundin Law PC