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The GEO Group Inc (NYSE:GEO) Investor Securities Class Action Lawsuit 08/25/2016

  • If you purchased shares of The GEO Group Inc (NYSE:GEO), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
The GEO Group Inc
Security
NYSE: GEO

Case Name
GEO Group Shareholder Class Action Lawsuit 08/25/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 21, 2017 - The case was voluntarily dismissed.

August 25, 2016 (Shareholders Foundation) - An investor in shares of The GEO Group Inc (NYSE:GEO) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by The GEO Group Inc in connection with certain allegedly false and misleading statements made between March 1, 2012 and August 17, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of The GEO Group Inc (NYSE:GEO) common shares between March 1, 2012 and August 17, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 1, 2012 and August 17, 2016 the defendants made false and/or misleading statements and/or failed to disclose that the GEO Group Inc’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 GEO Group Inc’s rehabilitative services for inmates were less effective than those provided by BOP, that consequently, the U.S. Department of Justice (“DOJ”) was unlikely to renew and/or extend its contracts with the GEO Group Inc, and that as a result of the foregoing, the GEO Group Inc’s public statements were materially false and misleading at all relevant times.

The GEO Group Inc reported that its annual Total Revenue rose from over $1.47 billion in 2012 to over $1.52 billion in 2013 while its Net Income declined from $134.75 million in 2012 ro $115.14 million in 2013. Shares of The GEO Group Inc (NYSE:GEO) grew from $31.72 per share in March 2014 to as high as $45.19 per share in March 2015.

On August 18, 2016, the Justice Department announced its plans to end its use of private prisons after officials concluded that such facilities are both less safe and less effective at providing correctional services than those run by the government. The contract prisons are operated by three private corporations, including GEO Group.

Shares of The GEO Group Inc (NYSE:GEO) declined on August 18, 2016, to as low as $16.26 per share.