Cornell's (CRN) Largest Shareholder Adopts 10b5-1 Plan for Orderly Sale of Shares
The Wynnefield Group, the largest stockholder in Cornell Companies Inc. (NYSE: CRN), today announced that it had established a stock trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Under this plan, Wynnefield has directed its investment brokers to conduct an orderly sale of a portion of its CRN shares over time, as part of its policy to retain proper portfolio balance.
"Our confidence in Cornell Companies, its future prospects and its management team remain as high as ever. Accordingly, Cornell will remain a very significant holding in our portfolio," said Nelson Obus, Wynnefield's Managing Partner. "In fact, it is Cornell's very success in this difficult market environment that necessitates this re-balancing of our portfolio. Over the 4 1/2 years that we've held Cornell Companies' stock, its valuation has increased so substantially that it now represents a larger percentage of the total portfolio for some of our funds than is prudent for our limited partners. As fiduciaries, we must be able to occasionally rebalance our portfolio."
Cornell Companies, Inc. provides correction, detention, education, rehabilitation, and treatment services for adults and juveniles in federal, state, and government agencies in the United States.
"Our confidence in Cornell Companies, its future prospects and its management team remain as high as ever. Accordingly, Cornell will remain a very significant holding in our portfolio," said Nelson Obus, Wynnefield's Managing Partner. "In fact, it is Cornell's very success in this difficult market environment that necessitates this re-balancing of our portfolio. Over the 4 1/2 years that we've held Cornell Companies' stock, its valuation has increased so substantially that it now represents a larger percentage of the total portfolio for some of our funds than is prudent for our limited partners. As fiduciaries, we must be able to occasionally rebalance our portfolio."
Cornell Companies, Inc. provides correction, detention, education, rehabilitation, and treatment services for adults and juveniles in federal, state, and government agencies in the United States.
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