St. Joe Company (JOE) Lower On SEC Probe
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Shares of The St. Joe Company (NYSE: JOE) are seeing pressure in early action Tuesday after the company disclosed an informal SEC probe late Friday.
The company said the SEC is looking into the company's policies and practices concerning impairment of investment in real estate assets.
On June 24, 2011, the Company received notice from the SEC that it has issued a related order of private investigation. The order covers various matters from January 1, 2007. Those matters include:
(a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company’s current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports.
Shares of JOE last traded at $20.10, down 4 percent from Friday's close.
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The company said the SEC is looking into the company's policies and practices concerning impairment of investment in real estate assets.
On June 24, 2011, the Company received notice from the SEC that it has issued a related order of private investigation. The order covers various matters from January 1, 2007. Those matters include:
(a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company’s current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports.
Shares of JOE last traded at $20.10, down 4 percent from Friday's close.
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