Company Behind Homestead Migrant Camp For Kids Stops IPO Plan
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MIAMI (CBSMiami/AP) — The corporation behind Homestead Temporary Shelter for Undocumented Children is now abandoning plans to go public.
The chairman of Caliburn International Corp., Thomas J. Campbell, sent a letter Tuesday to the Securities and Exchange Commission saying it no longer wishes to conduct a public offering.
The withdrawal comes as controversy grows around policies that lock up children crossing the Mexico border.
The Virginia-based company said in a press release the reason was "variability in the equity markets," adding that business continues to grow. Previous filings cited risks of "negative publicity" as something that could affect share price.
Federal lawmakers toured the center last month and said it had a "prison-like feel," vowing to change a policy they say still separates families.
The government announced in December that the facility was expanding from 1,350 to 2,350 beds.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)