Corrections Corporation of America (CCA), the largest private prison corporation in the U.S., saw its stock prices dip as it announced to investors it may lose a contract to detain migrant families for Immigration and Customs Enforcement (ICE), reports the Huffington Post.
After revealing to investors the potential loss, the company said they "can provide no assurance that we will be awarded a new contract for family unit detention, will successfully renegotiate our existing contract with ICE, or will be able to maintain the margins we currently generate from the contract."
The contract in question is for the South Texas Family Residential Center, more commonly known as the Dilley family detention camp. If CCA were to lose the contract, it would put a major dent in their revenues. According to their most recent annual filing, the Dilley facility generated $244.7 million for the company last year.