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The class action investors who filed the suit are primarily hedge funds, union pension funds and other institutional investors looking to turn a buck on mass incarceration. RADNOR, PA / ACCESSWIRE / August 29, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP alerts Corrections Corporation of America shareholders that a class action lawsuit has been filed. CCA entered into a series of exclusive agreements with telephone companies to provide inmate telephone service at various CCA-run prisons and jails. by Matt Clarke 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. The lawsuit captioned Grae v. Corrections Corporation of America, et al., Case No. Join us on the front lines for social justice! A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. Defendants deny each and all of Plaintiffs allegations. The outlook for CoreCivic and the private prison industry took a hit with the Biden administration in the White House. Get no payment. Ask to speak in Court about the fairness of the Settlement. the plaintiffs in the class action lawsuit moved to sever their case from the monetary claims. Consequently, the stock has dropped 56 percent from its year-to-date high, observed just a few months earlier. Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Middle District of Tennessee on behalf of shareholders of Corrections Corporation of America (NYSE: CXW) who purchased shares between February 27, 2012 and August 17, 2016.. A 2012 report noted that 40-43% of CCAs revenue was derived from contracts with the federal government through operation of prisons and detention centers. For two years, CCR participated in a mediation process with defendants and the Special Enforcement unit of the FCC as required. He emphasized that CoreCivic believed the allegations in the lawsuit were without merit.. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the. On August 9, 2013, the Federal Communications Commission (FCC) finally approved new rules capping prison phone rates, ten years after Martha Wright filed her petition. In short, the defendants profited from their unfair control over imprisoned people. 3:16-cv-02267. 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. On August 22, 2001 District Judge Gladys Kessler acknowledged the civil rights concerns, but referred the case to the Federal Communications Commission, under the doctrine of primary jurisdiction. CCR filed a petition for rulemaking with the FCC. A securities class action lawsuit was recently filed against the private prison giant Corrections Corporation of America, alleging that the company made false or misleading statements, and failed to disclose certain information that would have otherwise been important for investors to know. The court granted their motion on April 27, 2011 and allowed the . Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. 3:16-cv-02267; 2019 U.S. Dist. (484) 270-1453; or via e-mail at info@ktmc.com. Corrections Corp Of America (NYSE:CXW) Investor Securities Class Action Lawsuit 08/23/2016. (888) 299-7706 The complaint in this action was not filed by Kessler Topaz Meltzer & Check. 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. New cases and investigations, settlement deadlines, and news straight to your inbox. A trial is scheduled for May 18, 2021. 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. Read our Newswire Disclaimer. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Copyright 2023 Surperformance. Following the second in-person mediation, the Settling Parties continued settlement discussions through Mr. Lindstrom and Hon. Copyright 2023 Surperformance. 3:16-cv-02267; 2019 U.S. Dist. 3:16-cv-02267 (the "Litigation"), pending before the United States District Court for the Middle District of Tennessee (the "Court"). 3:16-cv-02267, was filed in the District Court. On May 26, 2019, the Court certified the Class consisting of all persons who purchased or otherwise acquired Corrections Corporation of America. PLN printISSN: 10757678 |PLN online ISSN: 2577-8803, Corrections Corporation of America/CoreCivic, Former Prisoner Becomes California Coffee Entrepreneur, Motions to Dismiss by Corizon and Wexford Denied in Lawsuit Over Florida Prisoners Double Leg Amputation, Fifth Circuit Reinstates Texas Prisoners Excessive Force Claims, Michigan: Settlement in Class-Action Suit by Prisoners with Hearing Disabilities, Montana Parolee Sues CoreCivic Over Prison Assault, Brain Injury, Sheriff, Undersheriff and Deputies Resign Over Safety Issues at Oklahoma Jail, Texas Prisoner Sues Former Guards for Planting Screwdrivers in His Cell, $3 Million Settlement Where Prison Doctor Failed to Treat Disabled Illinois Prisoner, Florida: No Qualified Immunity for Jail Medical Staff in Prisoners Death, Texas Prisoners Lawsuit Over Reaction to Prison Blankets Moves Forward, Federal Government Pays Nation of Islam to Teach BOP Prisoners, Florida Prisons and Jails Retaliate Against Prisoners Who File Lawsuits by Countersuing for Costs of Incarceration, Study Finds More Private Prisons Result in Judges Imposing Slightly Longer Sentences, New Jersey Federal Court Approves $1.5 Million Jail Strip-Search Settlement, Minnesota Prisoners Win Access to New Hepatitis C Medications, Maine: Prosecutorial Misconduct in False Rape Case Results in $2.1 Million in Damages, Michigan Prisoner Dies from Cocaine Overdose, Sergeant and Paramedics Charged, $3.75 Million Settlement, Texas Bans All Clergy from Death Chamber after Supreme Court Stays Execution, Arrestee Dies in a Jail with No Medical Staff; Eleventh Circuit Reverses Dismissal, Scammers Deprive Prisoners with Legitimate Substance Abuse Problems of BOP Drug Treatment, New Bill Restricts Use of Solitary Confinement in New Mexico, Interim Attorney Fees Awarded in Kentucky Good Time Lawsuit, More States on Track to Restore Voting Rights to Felons, but Not Without Hurdles, Mentally Ill Texas Woman Ignored to Death After Five Months in Jail, Pennsylvania Prisoners Cigarette Stashes to Go Up in Smoke, Monterey County, California Pays $365,000 for Jail Prisoners Death, Former Louisiana Warden Nate Cain, Son of Infamous Burl Cain, Pleads Guilty, Minnesota Sheriff Hit with Attorney Fees Award in Civil Rights Case, End of Gubernatorial Terms Bring Pardons, Commutations, Federal Judge Holds Bivens Not Applicable to Prison Workplace Discrimination Claims, Michigan: $40,000 Settlement for Parole Violation Sanctions Absent Due Process, Eighth Circuit Reinstates Iowa Prisoners Retaliation Claims, Mississippi Prison Industry Program Faltering, CEO Fired, Nevada: Jail Death Due to Excessive Force Leads to $175,000 in Settlements, Ninth Circuit Issues Ruling on Arizona DOC Stipulated Settlement, California: Denial of Bed During Jail Disturbances Not a Constitutional Violation, $115,000 Settlement after Nebraska Prison Nurses Ignore Prisoners Heart Attack, Tennessee: Federal Court Grants Class-Action Status in Shareholder Suit Against CoreCivic, Fifth Circuit Holds Transgender Prisoner Not Entitled to Sex Reassignment Surgery, Native American Prisoners Win Lawsuit Over Right to Wear Long Hair, Game of Kings Has Large Following, Long History Behind Bars, D.C. Court Awards $501 Million in Suit Against North Korea for Torture-Death of Prisoner, Fourth Circuit Reverses Dismissal of South Carolina Prisoners Suit Over Safekeeper Status, Some Prisons Are Using Virtual Reality for Reentry and Other Programs, New Study Finds Mass Incarceration Impacts Over Half of U.S. Seamus Kaskela, Esq.Adrienne O. Class Member. Ms. Wright was present for the announcement along with other family members of prisoners, advocates and other allies. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. New York, NY 10012, Main: 212-614-6464 Correction Corporation of Americas stock price hit a high in June, rising north of $35 per share, then declining slowly but steadily over the remainder of the summer, according to data from Google Finance. Below these are specific cases. The suit, brought under the Fair Labor Standards Act, alleged that CCA had . CCA also boasted that, as of December 10, 2010, the American Correctional Association (ACA), an independent organization of corrections industry professionals that establishes standards by which a correctional facility may gain accreditation, had accredited 85% of its facilities. Share at (888) 299 - 7706 or at info@ktmc.com. Following Yates announcement, CCAs stock fell $9.65, or 39.45%, to close at $17.57 on August 18, 2016, the complaint alleged. 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. GENERAL INSTRUCTIONS 1. The Settling Parties engaged in arms-length negotiations during the mediation session, but were unable to reach an agreement. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Wedbush Upgrades CoreCivic to Outperform From Neutral, Adds Stock to Best Ideas List, A.. Check, Esq., D. Seamus Kaskela, Esq. Finally, this claim also takes into account the recent decision by the U.S. Department of Justice not to renew or extend its contracts with private corrections companies, which sent Corrections Corporations stock plummeting in mid-August. at (888) 299-7706 or at info@ktmc.com. The world's largest private prison company. Corrado Rizzi is the Senior Managing Editor of ClassAction.org. The lawsuit, filed in August 2016 against the company and four executives, alleges CoreCivic, formerly named Corrections Corp. of America, made false and misleading statements about its. 2. 08/23/2016. Therefore, class-action status was granted. On August 23, 2016, the initial complaint in this securities class action was filed against Corrections Corporation of America (CCA) and certain of CCAs top officials, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com. info@ktmc.com, SOURCE: Kessler Topaz Meltzer & Check, LLP. In February of 2000 CCR filed Wright v. Corrections Corporation of America, a nationwide class action lawsuit, seeking to enjoin, declare illegal, and recoup damages resulting from conspiracies between CCA and various telephone companies, including Evercom, Inc., MCI-Worldcom, Pioneer Telephone Corporation, AT&T, and Global Telecommunications Link, Inc. CCA operates 82 prisons and jails in 26 states pursuant to agreements with state and local governments under which persons under the jurisdiction and control of those governments are transferred to CCA facilities for incarceration. The petition sought restructuring of long distance inmate calling services to introduce competition. Following this news, shares of the Company's stock declined $9.65 per share, or over 35%, to close on August 18, 2016 at $17.57 per share, on unusually heavy trading volume. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). On April 15, 2021, the Settling Parties accepted the mediators proposal to resolve the Litigation, and on May 19, 2021, executed a Settlement Agreement memorializing their agreement. New to ClassAction.org? . Are you a current or former employee of Corrections Corporation of America (2016)? The mediation was preceded by submission of mediation statements by the Settling Parties. ) ) ) ) ) ) ) ) Civil Action No. For more information on this case or other class action litigations, please contact Adam Foulke at 203-987-4949 or info@battea.com. 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. Donations: 212-614-6448 Prior to this session, the Settling Parties provided to Mr. Lindstrom and exchanged supplemental mediation materials. CCA shareholders may, no All rights reserved. CoreCivic, Inc. Reports Impairment of Real Estate Assets for the Fourth Quarter Ended D.. CoreCivic, Inc. Tranche Update on CoreCivic, Inc.'s Equity Buyback Plan announced on May 16, 2022. https://www.ktmc.com/new-cases/corrections-corporation-of-america#join, CoreCivic Reports Fourth Quarter and Full Year 2022 Financial Results. On August 23, 2016, an action captioned , Grae v. Corrections Corporation of America, et al. They also alleged that the agreements violate the Sherman Anti-Trust Act, 15 U.S.C. Corrections Corporation of America, a nationwide class action lawsuit, seeking to enjoin, declare illegal, and recoup damages resulting from conspiracies between CCA and various telephone companies, including Evercom, Inc., MCI-Worldcom, Pioneer Telephone Corporation, AT&T, and Global Telecommunications Link, Inc. CCA operates 82 prisons and Tenn.), Case No. Fax: 212-614-6499, CCR filed a petition for rulemaking with the FCC. In order to be appointed as a lead plaintiff, the Court must determine that the class member?s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. By signing this form you are As more fully described in the Notice of Proposed Settlement of Class Action(the "Notice"), the initial complaint in this action was filed on August 23, 2016. Check, Esq., D. Seamus Kaskela, Esq. Other reports continued the theme of high standards that governed the operation of CCAs federal facilities. The submission of this form does not create an attorney-client relationship, nor an obligation on The precipitous decline in the market value caused the class to suffer significant losses and damages., CoreCivic President and CEO Damon Hininger said the company was glad to put the litigation behind itself. Updated. All rights reserved. Each of these contracts is subject to review by federal officials, but experts generally expect that few if any will be renewed. 666 Broadway 3:16-cv-02267 Honorable Aleta A. Trauger PROOF OF CLAIM AND RELEASE I. Fax: 212-614-6499. WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Credit Acceptance Corporation (NASDAQ: CACC) resulting from allegations that Credit Acceptance may have issued materially misleading business information to the investing public. What Is This Lawsuit About? On Aug. 17, the day before the DOJ announcement, Correction Corporation was trading at just $27.22 per share. Darren J. 07/28/2021. Detainees who were paid small wages for their work, the case alleges, were only allowed to spend these funds at CoreCivics commissary. 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. By Aug. 1, it was down to a little more than $32.50, then the downturn started picking up more speed. Wright v. Corrections Corporation of America. Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. This action is still ongoing. 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. PCWG, 1114 Brandt Drive, Tallahassee FL 32308 Immediately below are spreadsheets of suits against the biggest vendors. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 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. 3:16-cv-02267 Honorable Aleta A. Trauger . See: Grae v. Corrections Corporation of America, U.S.D.C. These exclusive dealing agreements resulted in the same civil rights violations as have been alleged in CCRs other two prison telephone cases. The petition sought restructuring of long distance inmate calling services to introduce competition. The Federal Communications Commission (FCC) finally approves new rules capping prison phone rates, ten years after Martha Wright filed her petition. You will still be a Member of the Class. Ms. Wright was present for the announcement along with other family members of prisoners, advocates and other allies. the matter and whether to establish an attorney client relationship. 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. LEXIS 50444. 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. 2023 BATTEA CLASS ACTION SERVICES, LLC, ALL RIGHTS RESERVED, Securities class action suit brought against Corrections Corporation of America, reforms that would ensure more proportional sentences and effective use of federal resources., Class Action Award Processing & Distribution, Securities Class Action Settlement History, visit Batteas Corrections Corporation of America case summary, Securities class action suit filed against Fiat Chrysler Automobiles, Securities class action lawsuit filed against Spectrum Pharmaceuticals . 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. 7th Floor Seamus Kaskela, Esq.Adrienne O. For more information, visit Battea's Corrections . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.ktmc.com/new-cases/corrections-corporation-of-america#join, Final Deadline Approaching on March 7, 2023: Kessler Topaz Meltzer & Check, LLP Reminds Enovix Corporation Investors of Class Action Lawsuit Deadline, Lead Plaintiff Deadline on March 7, 2023 for Enovix Corporation Investors - Kessler Topaz Meltzer & Check, LLP Reminds Investors of Class Action Lawsuit Filed Against Enovix Corporation. 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. These exclusive dealing agreements allow defendants to use their control over a captive audience to unjustly enrich themselves. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). Shares of Corrections Corp Of America (NYSE:CXW) declined from $27.38 per share to . Bell, Esq.) As detailed in the complaint, on August 18, 2016, Deputy Attorney General Sally Yates announced the DOJ's decision to end its use of private prisons, including those operated by CCA, after officials concluded that the facilities are both less safe and less effective at providing correctional services than those run by the federal government. The effect on stock prices The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). 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. See: Grae v. Corrections Corporation of America, USDC, C. Dist. 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. New York, NY 10012, Main: 212-614-6464 RADNOR, PA / ACCESSWIRE / August 29, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP alerts Corrections Corporation of America (NYSE: CXW) ("CCA" or the "Company") shareholders that a class action lawsuit has been filed in the Middle District of Tennessee on behalf of purchasers of the Company's securities between February In this lawsuit, plaintiffs alleged that unconscionable phone arrangements established by the Corrections Corporation of America and various telephone companies violated their constitutional rights. or Adrienne O. (the "Stipulation") dated June 24, 2021, which can be found and downloaded by clicking on the Case Documents tab above. The lawsuit looks to represent anyone residing in California whose account was involuntarily closed by Bank of America since February 27, 2019, resulting in the loss of their earned cash rewards on their Bank of America credit card. CCR and its partners filed an alternative rulemaking proposal requesting that the FCC establish benchmark rates for all interstate inmate calling services no higher than $0.20 per minute for debit calling and $0.25 per minute for collect calling. Civil Action No. Please complete this form and list your purchase and sale transaction(s) for Corrections Corporation of America (NYSE: CXW) between February 27, 2012 and August 17, 2016, inclusive (the Class Period): You may also contact Jon Naji, Esq. 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. Check, Esq.D. PLN managing editor Alex Friedmann, who owns a small amount of CoreCivic stock as an activist investor, mainly for the purpose of filing shareholder resolutions, has filed a separate derivative suit against CoreCivic that was stayed pending developments in the Grae case, which remains pending. 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. Wedbush Upgrades CoreCivic to Outperform From Neutral, Adds Stock to Best Ideas List, A.. Senior VP-Federal & Local Customer Relations, Chief Financial Officer & Executive Vice President, Chief Information Officer & VP-Technology, Chief Operating Officer & Executive Vice President. 3:16-cv-02267, has been certified by the District Court as a class action; and Amalgamated Bank, as Trustee for . CoreCivic, Inc., formerly Corrections Corporation of America, is the defendant proposed class action filed over alleged human trafficking and labor law violations. 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. You will, however, still be a Member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation. Adrienne O. For additional information please visit https://www.ktmc.com/new-cases/corrections-corporation-of-america#join. Whether anything actually comes of that remains to be seen. This settlement will help ensure they dont lose money betting on the business of caging people for profit. For two years, CCR participated in a mediation process with defendants and the Special Enforcement unit of the FCC as required. 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. Defendants contend that they did not engage in a scheme to defraud, did not make any false or misleading statements, disclosed all information required to be disclosed by the federal securities laws, that the prices of the Companys securities were not artificially inflated, and that no damage to the Companys stock price resulted from Defendants alleged wrongdoing. Kessler Topaz Meltzer & Check, LLP 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. In this nationwide class action lawsuit, the Center for Constitutional Rights (CCR) sought to enjoin, declare illegal, and recoup damages resulting from conspiracies between CCA and various telephone companies, including Evercom, Inc., MCI-Worldcom, Pioneer Telephone Corporation, AT&T, and Global Telecommunications Link, Inc. CCA entered into a series of exclusive agreements with these telephone companies to provide inmate telephone service at various CCA-run prisons and jails. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. Forgot password ? 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.