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CCA to cut costs amid criticisms

Corrections Corporation of America (CCA) is set to lay off staff and cut costs as criticism of private prisons continue, reported MarketWatch

On Tuesday, CCA announced a plan to cut costs at their headquarters, while Chief Executive Damon Hininger said he would forfeit $2 million worth of restricted stock that he received in February. He then went on to request the company not reward him any equity-based compensation in 2017. 

CCA shares were falling steadily in after-hours trading and shares have fallen more than 45% since the Dept. of Justice announced they would no longer be using private prisons.

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