SAN DIEGO & NASHVILLE, Tenn.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of CoreCivic, Inc. (NYSE: CXW) breached their fiduciary duties to shareholders. On March 13, 2017, investors filed a securities class action complaint against CoreCivic (formerly "Corrections Corporation of America" or "CCA") for alleged violations of the Securities Exchange Act of 1934. The complaint alleges that CoreCivic officials engaged in a scheme to defraud investors by falsely representing that the outsourcing of correctional services to CCA resulted in improved correctional services for government agencies, including the Federal Bureau of Prisons ("BOP"), and that CCA's facilities were operated in accordance with applicable policies and procedures. In reality, the BOP had uncovered and notified CCA of numerous violations of BOP policies, including understaffing and underqualified staff and failure to provide adequate health care to its inmates. On December 18, 2017, the Honorable Aleta A. Trauger of the U.S. District Court for the Middle District of Tennessee, Nashville Division, denied CoreCivic's motion to dismiss in Grae v. Corrections Corporation of America.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/corecivic-inc.
CoreCivic Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP