News Articles
This site contains over 2,000 news articles, legal briefs and publications related to for-profit companies that provide correctional services. Most of the content under the "Articles" tab below is from our Prison Legal News site. PLN, a monthly print publication, has been reporting on criminal justice-related issues, including prison privatization, since 1990. If you are seeking pleadings or court rulings in lawsuits and other legal proceedings involving private prison companies, search under the "Legal Briefs" tab. For reports, audits and other publications related to the private prison industry, search using the "Publications" tab.
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Avalon Correctional Services Delisted From NASDAQ
Avalon complained that the costs of complying with Section 404 of the SEA, as required by the Sarbanes-Oxley Act of 2002, was making the business unprofitable. By terminating common stock, it will eliminate legal, auditing, accounting and printing expenses associated with compliance. These costs might otherwise cause Avalon to default on its loan obligations and prevent it from accessing sufficient funds to continue daily operations.
Avalon will no longer be listed on the NASDAQ. It may be traded over the counter on the Pink Sheets, a centralized stock quotation service that operates through a web site. Avalon will still be required to report to its stockholders under Nevada state law. Avalon also announced its intention to post its press releases, quarterly reports and annual financial results on its website.
Source: Avalon Company Press Released.
