Welcome to the CCA/CoreCivic Securities Settlement Website

This website has been established to provide general information related to the proposed settlement of the case entitled Grae v. Corrections Corporation of America, et al., Civil Action No. 3:16-cv-02267 (the "Litigation"), pending before the United States District Court for the Middle District of Tennessee (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated June 24, 2021, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired Corrections Corporation of America, Inc. (“CCA” or the “Company”) (n/k/a “CoreCivic”) during the period from February 27, 2012 through and including August 17, 2016 (the “Class Period”).

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Proposed Settlement of Class Action (the "Notice"), the initial complaint in this action was filed on August 23, 2016. On January 10, 2017, the Court appointed Plaintiff Amalgamated Bank, as Trustee for the LongView Collective Investment Fund as the Lead Plaintiff and appointed Lead Counsel.

Plaintiff’s Consolidated Complaint for Violation of the Federal Securities Laws (the “Complaint”), filed on March 13, 2017, alleges that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934. More specifically, Plaintiff alleges that throughout the Class Period, Defendants engaged in a scheme to defraud and made materially false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and operations, which caused the price of the Company’s securities to trade at artificially inflated prices, until the circumstances concealed by the alleged fraud were revealed and the Company’s securities prices significantly declined. Defendants deny each and all of Plaintiff’s allegations. Defendants contend that they did not engage in a scheme to defraud, did not make any false or misleading statements, disclosed all information required to be disclosed by the federal securities laws, that the prices of the Company’s securities were not artificially inflated, and that no damage to the Company’s stock price resulted from Defendants’ alleged wrongdoing.

On February 28, 2019, the Settling Parties participated in a voluntary confidential mediation with Gregory Lindstrom, Esq. of Phillips ADR, an experienced mediator. The mediation was preceded by submission of mediation statements by the Settling Parties. The Settling Parties engaged in good faith negotiations, but did not reach a settlement. On May 31, 2019, Defendants and Plaintiff participated in another in-person mediation session with Mr. Lindstrom. Prior to this session, the Settling Parties provided to Mr. Lindstrom and exchanged supplemental mediation materials. The Settling Parties engaged in arm’s-length negotiations during the mediation session, but were unable to reach an agreement. Following the second in-person mediation, the Settling Parties continued settlement discussions through Mr. Lindstrom and Hon. Layn R. Phillips (Ret.). On April 15, 2021, the Settling Parties accepted the mediator’s proposal to resolve the Litigation, and on May 19, 2021, executed a Settlement Agreement memorializing their agreement. The agreement included, among other things, the Settling Parties’ agreement to settle the Litigation in return for a cash payment of $56,000,000 for the benefit of the Class, subject to the negotiation of the terms of a Stipulation of Settlement and approval by the Court. The Stipulation (together with the Exhibits thereto) reflects the final and binding agreement between the Settling Parties.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $56,000,000.00 (the “Settlement Amount”). The Settlement Amount and any interest it earns constitute the “Settlement Fund.” The Settlement Fund, after deduction of Court-approved attorneys’ fees and expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court, is the “Net Settlement Fund.” If the Settlement is approved by the Court, the Net Settlement Fund will be distributed to eligible Authorized Claimants—i.e., Members of the Class who timely submit valid Proofs of Claim and Release—in accordance with the proposed Plan of Allocation.

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES