NEW YORK, Aug. 26, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been against GEO Group ("GEO" or the "Company") (NYSE: GEO) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased GEO securities between March 1, 2012 and August 17, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
GEO is a Florida based company specializing in corrections, detention and mental health treatment. It maintains facilities in North America, Australia, South Africa and the United Kingdom. GEO Group facilities include maximum, medium and minimum security prisons, immigration detention centers, minimum security detention centers and mental health and residential treatment facilities.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding GEO's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) GEO's rehabilitative services for inmates were less successful than those compared to at BOP; (3) consequently, the U.S. Department of Justice was unlikely to renew and/or extend its contracts with GEO; and (4) consequently, GEO's public statements were materially false and misleading at all relevant times.
On August 18, 2016, the Justice Department publicized its plan to terminate its use of private prisons after officials established that private prisons are less safe and less successful in delivering correctional services compared to prisons government run. GEO Group is one of three contracted prisons. Following this news GEO stock dropped $12.78 per share or over 39% to close at $19.51 on August 18, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/geo or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in GEO you have until October 24, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC