FOR IMMEDIATE RELEASE
Thursday, May 26, 2011
ACKMAN COMMENDED FOR DIVESTING CCA STOCK
On behalf of the Prison Divestment Campaign Enlace commends renowned hedge fund manager, Bill Ackman, for divesting Pershing Square Capital Management’s holdings in Corrections Corporation (CCA) of America, the nation’s largest private prison company.
Mr. Ackman and CCA filed a joint statement with the Securities and Exchange Commission on May 16, 2011 confirming that Pershing Square no longer holds stock in CCA. Pershing Square Capital Management divested over 7 million shares in CCA, causing CCA stock value to drop 10%!
“We call on Wells Fargo, Wellington Management, Capital Global Investors, and other major investors in the private prison industry to follow Mr. Ackman’s example and divest their holdings in CCA, the Geo Group, and other private prison industry companies.” said Peter Cervantes-Gautschi, Executive Director of Enlace.
Beginning on May 12, 2011, a growing number of organizations of conscience have been calling on all investors to divest their holdings in the private prison industry.
The private prison industry is the largest financial force behind overpopulation in our prisons, through lobbying efforts that increase penalties and incarcerations of immigrants and people of color by the federal government and by states such as Arizona and Georgia, which recently passed legislation that accelerates the detention of immigrants. CCA and the GEO Group are the two largest private prison companies in the United States.
Over the past three years over one million immigrants have been arrested and detained at taxpayer expense.
For more information contact Enlace at firstname.lastname@example.org or 213-284-3802.