GEO Group Gets Class Action Over Alleged Misstatements Shaved

Sept. 24, 2021, 7:35 PM

GEO Group Inc., a for-profit prison company, convinced a federal judge in Florida to shave down most claims in a proposed class action alleging it misled investors by downplaying the risks associated with lawsuits the company faced over its facilities’ conditions, leading to a stock drop.

Steve Hartel sued GEO Group for a variety of allegedly false statements. Defendants were accused of underestimating to investors the potential losses stemming from lawsuits over the conditions of its prisons and the treatment of people housed at other facilities, even while claiming to Immigration and Customs Enforcement that those same lawsuits are rife ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.