San Diego, CA -- (SBWIRE) -- 10/19/2016 -- The Shareholders Foundation announced that a deadline is coming up on October 24, 2016 in the lawsuit filed for certain investors of The GEO Group Inc (NYSE:GEO) over alleged securities laws violations by The GEO Group.
Investors who purchased shares of The GEO Group Inc (NYSE:GEO) have certain options and there are strict and short deadlines running. Deadline: October 24, 2016. NYSE:GEO stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the Southern District of Florida the plaintiff alleges on behalf of purchasers of The GEO Group Inc (NYSE:GEO) that 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.
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.
On October 18, 2016, NYSE:GEO shares closed at $22.99 per share.
Those who purchased shares of The GEO Group Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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