|
|
| CCA Settles Stockholder Suits |
| By Associated Press |
| Published: 01/14/2002 |
|
Corrections Corporation of America began distributing $30.1 million in cash and more than 3 million shares of stock to shareholders Wednesday to settle lawsuits filed over a slide in stock value under a previous corporate and management structure. A settlement calling for the nation's largest private prison operator to pay $27 million in cash and issue 2.79 million shares of stock to settle all federal class-action lawsuits was approved last February by U.S. District Judge Todd Campbell. A court trustee has just signed off on the deal, allowing the Nashville-based company to issue the stock and begin paying claimants from insurance proceeds, Chief Financial Officer Irving Lingo said Wednesday. By the end of the second quarter of 2002, the company expects to receive approval to distribute the remaining $3.1 million in cash and 310,000 shares to stockholders who sued in state court. CCA said it already has paid plaintiffs' attorneys $17.1 million from insurance proceeds and issued them approximately 1.6 million shares of stock. The company is issuing promissory notes worth a total of $29.2 million to pay claimants in cash if the company's stock price does not remain at least at $16.30 for 15 consecutive days between Wednesday and Jan. 2, 2009. |
advertise
|
privacy policy
|
add URL
|
about us
|
terms/disclaimer
|
contact us
|
join our team
|
help
Hiring an attorney can present confusing situations for someone. It’s hard to tell whether you’ll get the best service possible in your situation. You likely have a lot of questions. Will your lawyer hand off your matter to someone else? Will your lawyer return your phone calls? It’s hard to know without someone you can trust. If you been Waco work injury lawyer you need a lawyer. People in Central Texas have trusted Dunnam & Dunnam for almost 100 years for their most pressing legal concerns. They understand the value of a good advocate. They’re a family helping Waco families since 1925.