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Corrections Corporation of America Message Board

  • mecosmo2 mecosmo2 Dec 30, 1999 6:08 PM Flag

    Fraud lawsuit filed 12/30/99 ...

    FRAUD LAWSUIT FILED FOR PURCHASERS OF PRISON
    REALTY TRUST, INC. STOCK

    LITTLE ROCK, Ark., Dec
    30, 1999 /PRNewswire via COMTEX/ -- The Law

    Offices of Steven E. Cauley announced today that a
    securities fraud
    lawsuit has been filed in the United
    States District Court for the
    Middle District of
    Tennessee on behalf of purchasers of Prison Realty

    Trust, Inc. ("Prison Realty" or the "Company") (NYSE:
    PZN) common stock
    during the period between June
    23, 1999 and December 27, 1999,
    inclusive (the
    "Class Period").

    The complaint charges Prison
    Realty and certain of its officers and
    directors
    with violations of the Securities Exchange Act of
    1934. The
    complaint alleges that, throughout the
    Class Period, the defendants
    falsely represented
    that Prison Realty would be able to pay the

    approximately $1.50 per share special dividend necessary for
    the
    Company to maintain its status as a Real
    Estate Investment Trust. As a
    result, the complaint
    alleges that Prison Realty stock was artificially

    inflated throughout the Class Period. However, on December
    27, 1999,
    the Company announced that it would not
    pay the one-time special
    dividend, that it would
    suspend payment of its regular dividends, and
    that
    Doctor Crants and Robert Crants would no longer manage
    the
    Company. Upon this announcement, the price of
    Prison Realty shares
    collapsed in value, falling far
    below the prices at which it traded
    during the
    Class Period.

    The Law Offices of Steven E.
    Cauley have substantial experience in
    prosecuting
    class action lawsuits on behalf of investors, and
    recently
    obtained a $25 million settlement for certain
    purchasers of Medpartners
    securities. If you wish to
    serve as one of the lead plaintiffs in this
    lawsuit
    you must file a motion with the court within 60 days
    of
    December 30, 1999. If you have any questions
    regarding this lawsuit or
    how you may be able to
    recover for the losses you have incurred, please

    E-mail or call one of the attorneys listed below:

    Steven E. Cauley
    Scott E. Poynter
    Gina M.
    Cothern
    2200 N. Rodney Parham Road
    Suite 218, Cypress
    Plaza
    Little Rock, AR 72212
    E-mail:
    CauleyPA@aol.com
    1-888-551-9944 - toll free

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • i've been in several stocks like pzn and the
      lawyers think everyone has been screwed and in the end
      the lawyer want to settle for legal fees and they are
      the only ones that get anything out of the suit...the
      stock price will recover after the tax selling and the
      analysis understand the stock going forward;then everybody
      forgets there is even a lawsuit and there is no longer
      anyone to join in the suit...seen it happen 10-15 times
      and nothing ever happens...i've got large ,large loss
      and knew when i bought the stock ($7.25 avg.) that
      the dividend was not safe....in a deal like this ,
      things change hourly while the deal is being done...you
      know the the group doesn't breakeven until $6.50/share
      and these groups look for larger than a 100% return..

      • 2 Replies to funkyplunky2000
      • This is the 2nd class action. The group gets an
        18% dividend if the stock doesn't go up, and if it
        does they get the option to buy at 6.50 (can't
        remember the actual number). OPCO and PZN are 2 different
        companies. Of all the companies why was it OPCO the one that
        caused the problems in the first place that we have to
        merge with. I would rather merge with one of the other
        private prison companies or liquidate. Preferably we
        would get rid of all involvement with OPCO and go
        alone.

        With or without Blackstone, et. al. the stock probably
        will go up IMHO. However, it would go up faster with a
        CEO that is pro stock holder, rather the a CEO pro
        OPCO.

        The debt and cash flow according to the balance
        sheet, is not too bad. However, things may be worse that
        I think and in this case Blackstone, et. al. may be
        the savior and not the type I think they are.

      • I look back at AFCI last year at $5/share with
        more than 20 law suits!!!Now it is around $44/share!
        And where all the law suits go???
        Same thing will
        happen to PZN. If you think the company will not die
        which I know for sure, the chance to win is huge. PZN
        will be >30/share next year and 5/share is so cheap
        to by pass to own more...
        Happy New Year :-)

 
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