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Corrections Corporation of America Settles Securities Litigation over the Safety of Its Prisons

Private Prison Company Ends Lawsuit After Obama DOJ Cut Contracts (A Decision That Trump Rescinded and Biden Unrecscinded)



Blog text (including these four fields)

Case Name: Corrections Corporation of America, nka CoreCivic

Settlement Fund: $56,000,000

Claim Filing Deadline: November 19, 2021

Class Period: 2/27/2012 -- 08/17/2016

TICKERS: CXW, CXC

 

Private prison company CoreCivic, formerly known as the Corrections Corporation of America (CCA), has settled a shareholder action for $56 million. Claim forms are due November 19, and Chicago Clearing Corporation (CCC) is already preparing claims for institutional investors.

The class action complaint, first filed in August of 2016, followed the announcement by the Department of Justice that the government would end its use of private prisons, including those operated by CCA. Deputy Attorney General Sally Yates stated that “time has shown that [private prisons] compare poorly to our own Bureau facilities. They simply do not provide the same level of correctional services, programs, and resources; they do not save substantially on costs; and as noted in a recent report by the Department’s Office of Inspector General, they do not maintain the same level of safety and security.” After this announcement, the price of CCA common stock dropped 39.45% in a single day.

(For full historical context, the Trump administration soon revoked this Obama administration initiative. The Biden admin has revived it, and the Great Wheel continues to spin: for now clockwise, tomorrow counterclockwise; on and on and back and forth it goes…)

CCC has been tracking this litigation since it was first filed on August 23, 2016. It is one of thousands of complaints we have tracked in the past 15 years, and one of over 130 settlements with claim filing deadlines due in this year alone. Chicago Clearing Corporation has either filed or will file claims in every one of these cases. We have participated in nearly every class action securities suit since 2006.

With the team at CCC on your side, you not only keep up with the flow, but you have the piece of mind knowing that we have filed millions of claims in well over 1000 settlements. We have the expertise, the diligence, the vast experience to steward any and every claim from the date a settlement is announced through the final distribution. Give us a call today, and we’ll get started.


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