The St. Joe Company Announces Settlement of SEC Investigation
WATERSOUND, Fla.--(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
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
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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The St. Joe Company
Investor Relations Contact:
Chief Financial Officer
Source: The St. Joe Company
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