The St. Joe Company Announces Settlement of SEC Investigation
October 27 2015 - 4:12PM
Business Wire
The St. Joe Company (NYSE: JOE) announced that it has fully
resolved the previously disclosed investigation by the Securities
and Exchange Commission (SEC). Pursuant to the settlement, the
Company, without admitting or denying any factual allegations,
consented to the SEC’s issuance of an administrative order. The
Company previously established a reserve for potential settlement
costs relating to this SEC investigation which will not require an
adjustment in the third quarter of 2015, although the Company
expects to incur additional legal fees during the third and fourth
quarter relating to the completion of this SEC investigation.
The settlement and 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. None
of the SEC’s allegations, findings, sanctions, remedies or orders
relate to any of the Company’s current directors or controlling
shareholders.
The Company cooperated with the SEC investigation and believes
this settlement is in the best interests of the Company.
Important Notice Regarding
Forward-Looking Statements
This press release may include forward-looking statements. The
statements made by the Company are based upon management's current
expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements. These risks and
uncertainties include market conditions and other factors beyond
the Company's control and the risk factors and other cautionary
statements described in the Company's filings with the SEC,
including the Company's Annual Report on Form 10-K filed with the
SEC on February 27, 2015 as updated by subsequent Quarterly Reports
on Form 10-Qs and other current report filings.
About The St. Joe
Company
The St. Joe Company together with its consolidated subsidiaries
is a real estate company concentrated primarily between Tallahassee
and Destin, Florida. More information about the Company can be
found on its website at www.joe.com.
© 2015, The St. Joe Company. "St. Joe®", "JOE®", the "Taking
Flight" Design®, "St. Joe (and Taking Flight Design)®" are
registered service marks of The St. Joe Company.
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version on businesswire.com: http://www.businesswire.com/news/home/20151027006918/en/
The St. Joe CompanyInvestor Relations Contact:Marek Bakun, Chief
Financial Officer1-866-417-7132Marek.Bakun@Joe.Com
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