Kessler Topaz Meltzer & Check, LLP Announces Class Action Lawsuit Filed against The GEO Group, Inc. on Behalf of Shareholders
October 17 2016 - 11:00AM
Business Wire
The law firm of Kessler Topaz Meltzer & Check, LLP announces
that a class action lawsuit has been filed against The GEO Group,
Inc. (NYSE: GEO) (“GEO” or the “Company”) on behalf of purchasers
of the Company’s securities between March 1, 2012 and August 17,
2016, inclusive (the “Class Period”).
GEO shareholders may, no later than
October 24, 2016, seek to be appointed as a lead plaintiff
of the class. For additional information, or to learn how to
participate in this action, please visit
https://www.ktmc.com/new-cases/the-geo-group-inc#join.
Shareholders who wish to discuss this action and their legal
options are encouraged to contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O.
Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at
info@ktmc.com.
GEO provides government-outsourced services, including the
management of correctional and detention facilities in the United
States and internationally.
The complaint alleges that GEO 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)
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; (ii) GEO’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 GEO;
and (iv) as a result of the foregoing, GEO’s public statements were
materially false and misleading at all relevant times.
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 GEO, after
officials concluded that GEO’s facilities are both less safe and
less effective at providing correctional services than those run by
the federal government.
Following this news, shares of the Company’s stock declined
$12.78 per share, or nearly 40 percent, to close on August 18, 2016
at $19.51 per share, on unusually heavy trading volume.
GEO 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. A lead plaintiff is a representative party who
acts on behalf of all class members in directing the litigation. 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. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff. For additional information, or to learn how to
participate in this action, please visit
https://www.ktmc.com/new-cases/the-geo-group-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. 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. The firm represents investors, consumers and
whistleblowers (private citizens who report fraudulent practices
against the government and share in the recovery of government
dollars). The complaint in this action was not filed by Kessler
Topaz Meltzer & Check. For more information about Kessler Topaz
Meltzer & Check, please visit www.ktmc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161017005004/en/
Kessler Topaz Meltzer & Check, LLPDarren J. Check, Esq.D.
Seamus Kaskela, Esq.Adrienne O. Bell, Esq.280 King of Prussia
RoadRadnor, PA 19087888-299-7706610-667-7706info@ktmc.com
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