About the Company
The GEO Group, Inc. (GEO) is a publicly traded C corporation that invests in private prisons and mental health facilities in the United States, Australia, South Africa, and the United Kingdom. Headquartered in Boca Raton, Florida, the company's facilities include illegal immigration detention centers, minimum security detention centers, and mental-health and residential-treatment facilities. It also operates government-owned facilities pursuant to management contracts. As of December 31, 2021, the company managed and/or owned 86,000 beds at 106 facilities. In 2019, agencies of the federal government of the United States generated 53% of the company's revenues. Up until 2021 the company was designated as a real estate investment trust, at which time the board of directors elected to reclassify as a C corporation under the stated goal of reducing the company's debt. The company has been the subject of civil suits in the United States by prisoners and families of prisoners for injuries due to riots and poor treatment at prisons and immigrant detention facilities which it has operated. In addition, due to settlement of a class-action suit in 2012 for its management of Walnut Grove Youth Correctional Facility in Mississippi, the GEO Group lost its contract for this and two other Mississippi prisons (which it had been operating since 2010). Related federal investigations of kickback and bribery schemes associated with nearly $1 billion in Mississippi state contracts for prisons and related services have resulted in the criminal prosecution of several public officials in the state. In February 2017, the state attorney general announced a civil suit for damages, to recover monies from contracts completed in the period of corruption. In August 2016, the U.S. Department of Justice announced its intention to phase out contracts with privately operated prisons. The U.S. Department of Homeland Security said it was reviewing its contracts with private firms, which operate several immigrant detention facilities. In the spring of 2017, officials of the Donald Trump administration said they would be reviewing this policy. In September 2019, California Governor Gavin Newsom announced that he would terminate California's contract with GEO's Central Valley Modified Community Correctional Facility in McFarland.
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Latest $GEO News
Riot at GEO leaves 8 Paisas gang members injured
Eight Paisas prison gang members were injured in a riot reported at the Rio Grande Detention Center of The Geo Group, Inc. on 1001 San Rio Blvd., the FBI said.
The GEO Group Announces Date for First Quarter 2024 Earnings Release and Conference Call
The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its first quarter 2024 financial results on Tuesday, May 7, 2024 before ...
Geo Group: A Potential Election Play
Geo will continue to slowly pay down its high-interest debt. With its stock up 164% from its low in May 2021. Click here for ...
Should You Buy GEO Group (GEO) Ahead of Earnings?
Investors are always looking for stocks that are poised to beat at earnings season and The GEO Group, Inc. GEO may be one ...
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Which Is a Better Investment, Geo Group Inc or Howard Hughes Holdings Inc Stock?
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GEO Group Leaders, Investors Get First Approval to Settle Suit
Plans to improve corporate governance at The GEO Group Inc., offered by both sides to settle a suit over representations about the prison operator’s financial condition, are sufficient for preliminary ...
GEO Group (GEO) Price Target Increased by 30.51% to 19.64
The average one-year price target for GEO Group (NYSE:GEO) has been revised to 19.64 / share. This is an increase of 30.51% ...
Geo Group Must Face Wrongful Termination Suit Brought in Florida
A split panel with the US Court of Appeals for the Eleventh Circuit overturned a lower court’s decision to toss a wrongful ...
March's Dividend Portfolio Update Sets New All-Time Record - 100 Holdings, 21 Buys
Portfolio changes in March focus on BDCs, aiming to increase dividend income by at least $100 each month. Click here for a ...
Noble Financial Reaffirms Their Buy Rating on Orion Group Holdings (ORN)
In a report released today, Joe Gomes from Noble Financial maintained a Buy rating on Orion Group Holdings (ORN – Research Report), with ...
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