NEW YORK, Jan. 26, 2015 /PRNewswire/ -- Pomerantz LLP
is investigating claims on behalf of investors of The St. Joe
Company ("St. Joe" or the "Company") (NYSE: JOE). Such
investors are advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext.
237.
The investigation concerns whether St. Joe and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On January 26, 2015,, the Company
announced in a Securities and Exchange Commission ("SEC") filing
that, "as previously disclosed in the Company's filings, on
January 4, 2011 the Company received
notice from the Staff (the "Staff") of the Securities and Exchange
Commission (the "Commission") of the initiation of an inquiry into
the Company's policies and practices concerning impairment of
investment in real estate assets. On July 1,
2011, the Company disclosed that it had received notice from
the Staff that the Staff had issued a related order of private
investigation. On January 20, 2015,
the Company received a written "Wells Notice" from the Staff
indicating the Staff's preliminary determination to recommend that
the Commission file an action against the Company for violations of
certain federal securities laws. The Staff has informed the 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. All allegations relate to actions taken prior to the
2011 replacement of the Company's Board of Directors, the Chief
Executive Officer and the Chief Financial Officer. 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 this news, shares of St Joe fell $1.52 per share to $15.17, or more than 9.11%, in after hours
trading on January 26, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-the-st-joe-company--joe-300025972.html
SOURCE Pomerantz LLP