GEO Group Investors: Lawsuit Filed On Behalf of GEO Group Investors
September 03, 2020 at 08:00 AM EDT
Investors with losses of $100,000 or more are encouraged to contact the firm before September 8, 2020. Click here to submit trade information
LOS ANGELES, Sept. 03, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of The GEO Group, Inc. ("GEO Group" or the "Company") (NYSE: GEO) investors that acquired securities between February 27, 2020 and June 16, 2020. Eligible GEO Group investors have until September 8, 2020 to request that the Court appoint you as lead plaintiff.
The lawsuit alleges that the Company failed to institute proper virus prevention measures to protect the Company’s residents at halfway houses and employees.
On June 17, 2020, The Intercept published an article entitled "GEO Group's Blundering Response to the Pandemic Helped Spread Coronavirus in Halfway Houses." The article reported details of a significant COVID-19 outbreak at the Grossman Center, a halfway house in Leavenworth, Kansas operated by GEO Group-which "was for weeks the hardest hit federal halfway house in the country" in terms of confirmed cases of COVID-19. Citing interviews with residents of the Grossman Center, The Intercept characterized GEO Group's response as "blundering" and reported, "that the virus spread not in spite of the facility's efforts to contain it, but because of it." According to the article, the Grossman Center continued to keep its residents in overcrowded conditions without enforcing personal protective measures even as COVID-19 diagnoses at the facility increased.
On this news, GEO Group's stock price fell $1.03 per share, or 7.8%, to close at $12.17 per share on June 17, 2020.
Please visit our website to review more information and submit your transaction information. If you suffered a loss you have until August 3, 2020 to request that the Court appoint you as lead plaintiff.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.