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The GEO Group, Inc. Message Board

  • flipper_58 flipper_58 Apr 20, 2000 1:01 PM Flag

    What the 10-K said IN FULL

    on the litigation issue....damn
    media..

    """ITEM 3. LEGAL PROCEEDINGS

    In Caldwell County,
    Texas a grand jury was convened to investigate
    allegations
    of sexual misconduct and document tampering by
    individuals employed or formerly
    employed by the Company
    at the Lockhart facilities. This grand jury has
    been
    dismissed and issued no indictments.

    In Travis
    County, Texas, a grand jury took testimony regarding
    sexual misconduct
    by individuals employed or formerly
    employed by the Company at the Travis County
    Community
    Justice Center. This grand jury indicted twelve of the
    Company's
    former facility employees for various types of sexual
    misconduct. Management
    believes these indictments are not
    expected to have any material financial
    impact on the
    Company. Eleven of the twelve indicted former employees
    already
    resigned from or had been terminated by the Company as a
    result of
    Company-initiated investigations over the
    course of the prior three years. The
    Company is not
    providing counsel to assist in the defense of these
    twelve
    individuals.





    PAGE 16 of 27
    <PAGE> 17

    The
    District Attorney in Travis County continues to review
    Company documents for
    alleged document tampering at
    the Travis County Facility. At this time
    the
    Company cannot predict the outcome of this
    investigation.

    The nature of the Company's business results in
    claims or litigation against the
    Company for damages
    arising from the conduct of its employee or others.
    Except
    for the litigation set forth above and routine
    litigation incidental to the
    business of the Company,
    there are no pending material legal proceedings
    to
    which the Company or any of its subsidiaries is a party
    or to which any of their
    property is subject. The
    Company believes that if the outcome of the
    proceedings
    to which it is currently a party is unfavorable, the
    Company could have a
    material adverse effect upon its
    operations or financial condition.

    ."""

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    • """The Insurance Program consists of
      primary
      and excess insurance coverage. The primary coverage
      consists of up to $5
      million of coverage per occurrence
      with no aggregate coverage limit. The
      excess
      coverage consists of up to $50 million of coverage per
      occurrence and in the
      aggregate. The Company believes
      such limits are adequate to insure against
      the
      various liability risks of its business"""

 
GEO
40.40-0.20(-0.49%)Dec 24 1:03 PMEST

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