Military Contractor Withdraws IPO After Daily Beast Reports
Military contracting conglomerate Caliburn International Corporation, has withdrawn its application for an initial public offering on the New York Stock Exchange. The company planned to sell $100 million worth of shares.
This decision comes after The Daily Beast published two major investigations by the independent Government Accountability Project into Caliburn and its subsidiaries. These investigations revealed mismanagement on base in Iraq run by a Caliburn subsidiary and a federal investigation into whether bribes were paid to a company allegedly linked to Iraq’s former Prime Minister, Nouri al-Maliki, in order to obtain a contract to manage that base.
Caliburn also faced scrutiny over its role managing a Miami, Florida, for-profit intake shelter for migrant children that NPR said critics called a “prison camp.”
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