An investor in NYSE:GEO shares filed a lawsuit over alleged violations of Federal Securities Laws by The GEO Group Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of The GEO Group Inc (NYSE:GEO) have certain options and for certain investors are short and strict deadlines running. Deadline: October 24, 2016. NYSE:GEO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between March 1, 2012 and August 17, 2016 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.
The GEO Group Inc reported that its annual Total Revenue rose from over $1.47 billion in 2012 to over $1.52 billion in 2013 while its Net Income declined from $134.75 million in 2012 ro $115.14 million in 2013. Shares of The GEO Group Inc (NYSE:GEO) grew from $31.72 per share in March 2014 to as high as $45.19 per share in March 2015.
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 September 20, 2016, NYSE:GEO shares closed at $23.33 per share.
Those who purchased NYSE:GEO shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com