St. Joe Co (NYSE:JOE) Investor Investigation Concering Potential Securities Laws Violations

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Company Name(s): 
St. Joe Company (the)
Affected Securities: 
NYSE: JOE

February 03, 2015 (Shareholders Foundation) - An investigation on behalf of investors of St. Joe Co (NYSE:JOE) shares over potential securities laws violations by St. Joe Co and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of St. Joe Co (NYSE:JOE) concerning whether certain statements by St. Joe Co regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On January 4, 2011 St. Joe Co received notice from the Staff (the "Staff") of the Securities and Exchange Commissionof the initiation of an inquiry into St. Joe’s policies and practices concerning impairment of investment in real estate assets.
On July 1, 2011, St. Joe Co disclosed that it had received notice from the Staff that the Staff had issued a related order of private investigation.
On February 27, 2014, St. Joe Co. reported its full year and fourth quarter 2013 results. St. Joe Co reported that its annual Total Revenue declined from $139.40 million in 2012 to $131.26 million in 2013 and its respective Net Income declined from $6.01 million to $4.99 million. In June 2014 shares of St. Joe Co (NYSE:JOE) reached as high as $26.20 per share.

On January 26, 2015, St. Joe Co disclosed that on January 20, 2015, St. Joe Co received a written "Wells Notice" from the Staff indicating the Staff’s preliminary determination to recommend that Securities and Exchange Commission file an action against the St. Joe Company for violations of certain federal securities laws. St. Joe Co. said that the Staff has informed the St. Joe Company that the Wells Notice relates to historical accounting and disclosure practices and real estate asset valuations principally as reflected in the Company’s financial results for 2010, 2009 and prior periods.

St. joe said that the Wells Notice allegations involve former employees and one current non-executive officer and the Wells Notice is not directed towards any of the Company’s current or recently retired directors or executive officers or any of its controlling shareholders. On January 27, 2015, NYSE:JOE shares declined to as low as $15.76 per share.