GEO Group settles shareholder derivative lawsuit; adopts corporate governance reforms, hearing set for Aug 28

GEO GROUP INC

Settlement of Zhang v. Zoley derivative action; no monetary payment to shareholders; plaintiff's counsel seeks up to $2.5M in fees (contested).
Court hearing for final approval on August 28, 2024; shareholder objections due by August 7, 2024.
Geo will create a separate Chief Compliance Officer role, adopt charters for Legal Steering and Disclosure Committees.
For two years, independent director vacancies must be filled using an independent search firm.
Defendants deny all wrongdoing; settlement resolves litigation to avoid further expense and uncertainty.

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