NEW YORK, Feb. 10, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Corrections Corporation of America ("Corrections Corporation" or the "Company")(CXW). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether Corrections Corporation and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On Wednesday, February 5, 2014, a report published by the The Wall Street Journal announced a settlement between Corrections Corporation and the State of Idaho concerning allegations of fraud and understaffing of the prison system by the Company. The company has previously been the subject of allegations by prisoners that its understaffing practices have led to increased violence within prisons. Then, on Saturday, February 8, 2014, the Idaho State Journal reported that the Idaho Attorney General is seeking a criminal investigation into the Company's allegedly fraudulent and unsafe business practices.
On this news, Corrections Corporation shares fell $1.15 per share to $31.74, or more than 3.50%, on February 10, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
- Company Legal & Law Matters
- Crime & Justice