NEW YORK, Aug. 26, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against The GEO Group, Inc. (“GEO” or the “Company”) (NYSE:GEO) in the United States District Court for the Southern District of Florida on behalf of purchasers of common stock of GEO between March 1, 2012 through August 17, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) GEO’s facilities lacked adequate safety and security standards and were less efficient at offering correctional services than the Federal Bureau of Prisons’ (“BOP”) facilities; (2) GEO’s rehabilitative services for inmates were less effective than those provided by BOP; (3) consequently, the U.S. Department of Justice was unlikely to renew and/or extend its contracts with GEO; and (4) as a result, GEO’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than October 24, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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