Equity Real Estate Investment Trusts (REITs)
Company Overview of Corrections Corporation of America
Corrections Corporation of America, together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. It owns, operates, and manages prisons and other correctional facilities; and provides inmate residential and prisoner transportation services for governmental agencies. The company also offers various rehabilitation and educational programs, including basic education, religious services, life skills and employment training, and substance abuse treatment, as well as food services, work and recreational programs, and healthcare services, such as medical, dental, and mental health services. In addition, it leases its facilities to third-pa...
10 Burton Hills Boulevard
Nashville, TN 37215
Founded in 1983
Key Executives for Corrections Corporation of America
Chief Executive Officer, President, Director and Member of Executive Committee
Total Annual Compensation: $882.8K
Chief Financial Officer and Executive Vice President
Total Annual Compensation: $387.3K
Chief Development Officer and Executive Vice President
Total Annual Compensation: $422.5K
Chief Corrections Officer and Executive Vice President
Total Annual Compensation: $422.5K
Compensation as of Fiscal Year 2015.
Corrections Corporation of America Key Developments
Corrections Corporation of America Announces Restructuring of the Company's Corporate Operations
Sep 28 16
Corrections Corporation of America announced a restructuring of the company's corporate operations and implementation of a cost reduction plan. The plan includes cutting 12% of the corporate workforce at headquarters, and the CEO volunteering to forfeit restricted stock units granted earlier in 2016.
Corrections Corporation of America to Eliminate 50 to 55 Full Time Positions
Sep 27 16
Corrections Corporation of America announced a restructuring of the company's corporate operations and implementation of a cost reduction plan. CCA expects that 50 to 55 full time positions will be eliminated as a result of the restructuring, or approximately 12% of the corporate workforce at its headquarters. The restructuring realigns the corporate structure to more effectively serve facility operations and support the progression of CCA's business diversification strategy. CCA expects to report a charge in the third quarter of 2016 of approximately $4.0 million associated with this restructuring. This charge primarily consists of cash payments for severance and related benefits to terminated employees and a non-cash charge associated with the voluntary forfeiture by CCA's chief executive officer of a restricted stock unit award, as further described hereafter. The impact of these staffing reductions, together with the implementation of the cost reduction plan, are expected to result in expense savings of approximately $9.0 million in 2017, most of which are general and administrative expenses. A substantial portion of these expense savings will commence in the fourth quarter of 2016.
Kessler Topaz Meltzer & Check, LLP Files Class Action Lawsuit against Corrections Corporation of America
Sep 20 16
Kessler Topaz Meltzer & Check, LLP announced that a shareholder class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee against Corrections Corporation of America on behalf of purchasers of the company's securities between February 27, 2012 and August 17, 2016, inclusive. The complaint alleges that CCA and certain of its executive officers made a series of false and misleading statements and/or failed to disclose to investors during the Class Period that: CCA's facilities lacked adequate safety and security standards and were less efficient at offering correctional services than the Federal Bureau of Prisons' (BOP) facilities; CCA's rehabilitative services for inmates were less effective than those provided by BOP; consequently, the U.S. Department of Justice (DOJ) was unlikely to renew and/or extend its contracts with CCA; and as a result of the foregoing, CCA's public statements were materially false and misleading at all relevant times. As detailed in the complaint, on August 18, 2016, Deputy Attorney General Sally Yates announced the DOJ's decision to end its use of private prisons, including those operated by CCA, after officials concluded that the facilities are both less safe and less effective at providing correctional services than those run by the federal government.
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