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9 Jun 2021
Shares of Geo Group, Inc. shot up Wednesday as meme stock traders turned their attention to the private prison company whose shares have languished after President Biden signed an executive order instructing the Federal Bureau of Prisons not to renew private prison contracts.
Shares were up by nearly 75 percent at one point on Wednesday. They hit the close up over 38 percent.
Users of the WallStreetBets message board were celebrating the rise on Wednesday.
Another private prison stock, CoreCivic, which was formerly known the Corrections Corporation of America, saw its shares jump nearly 18 percent. Michael Burry, the Big Short investor whose stake in GameStop helped fuel hopes for the video game seller, is reportedly an investor in CoreCivic.
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Gov. Kay Ivey plans to meet with legislative leaders this week to discuss options for prison construction, after the state passed a deadline to close on three new men s prisons.
The Department of Corrections and two private entities were supposed to close on the construction of three new men s facilities on June 1, under a contract signed earlier this year. The state would lease the new facilities from the companies.
Ivey said in a statement Wednesday morning that she would discuss the complexity of the process with House and Senate leaders, and explore additional/alternative options to fund the construction and maintenance of new prison facilities.
LAS VEGAS (AP) A federal appeals court said Friday the nation’s largest private prison corporation can be held liable for negligence by a man who spent almost a year in solitary confinement at a southern Nevada facility without ever seeing a judge on marijuana-related charges.
A federal appeals court said Friday the nation’s largest private prison corporation can be held liable for negligence by a man who spent almost a year in solitary confinement at a southern Nevada facility without ever seeing a judge on marijuana-related charges. The 9th U. S. Court of Appeals in San Francisco said a jury can hear Rudy Rivera’s lawsuit claiming that CoreCivic Inc. employees failed to tell the U. S.