BENSALEM, Pa.–(BUSINESS WIRE)–$GEO #CLASSACTION–Law Offices of Howard G. Smith reminds investors of the upcoming September 8, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased The Geo Group, Inc. (“GEO Group” or the “Company”) (NYSE: GEO) securities between February 27, 2020 and June 16, 2020, inclusive (the “Class Period”).
Investors suffering losses on their GEO Group investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 described 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 implementing personal protective measures even as COVID-19 diagnoses at the facility increased.
On this news, the Company’s share price fell $1.03 per share, or 7%, to close at $12.17 per share on June 17, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that GEO Group maintained woefully ineffective COVID-19 response procedures; (2) that those inadequate procedures subjected residents of the Company’s halfway houses to significant health risks; (3) that accordingly, the Company was vulnerable to significant financial and/or reputational harm; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired GEO Group securities, you may move the Court no later than September 8, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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