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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, according to MarketWatch.

On Tuesday, CCA announced a plan to cut costs at their headquarters in Tennessee, while Chief Executive Damon Hininger said he would forfeit $2 million worth of restricted stock that he received in February. He told 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 in August.

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