St. Joe Falls Most Since October After Disclosing SEC Probe
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St. Joe Co., northern Florida’s largest landholder, fell the most in almost nine months in the first trading day since the company said it faces a formal investigation by the U.S. Securities and Exchange Commission.
The probe “covers a variety of matters,” including securities-law anti-fraud provisions for corporate officers and board members, internal controls and financial reports, Watersound, Florida-based St. Joe said in a July 1 filing. In January, St. Joe said the SEC was conducting an informal investigation of its real estate impairment practices.