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Roy Jacobs & Associates Announces That a Class Action Has Been Filed on Behalf of Purchasers of The St. Joe Company (aJOEa)

^{Published on 2010-12-08 13:20:35 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Roy Jacobs & Associates announces that a class action lawsuit has been filed on behalf of all persons who purchased or otherwise acquired the securities of The St. Joe Company (aSt. Joea or the aCompanya) (NYSE:JOE) from February 19, 2008 through October 12, 2010, (the aClass Perioda), including common shares bought in the Companya™s public offering on or about February 27, 2008.

For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to [ rjacobs@jacobsclasslaw.com ].

As alleged in the Complaint, during the Class Period, defendants failed to disclose that: (1) St. Joe failed to take adequate and required impairments and accounting write-downs on many of its Florida based property developments; (2) as a result, St. Joe's financial statements materially overvalued the property developments; (3) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading.

On October 13, 2010, David Einhorn, President and co-founder of hedge fund Greenlight Capital, made a presentation to the Value Investing Congress during which he reportedly claimed that St. Joe must take asubstantiala asset-impairment charges and accounting write-downs on many of its properties and that further building would drive the stock price to zero. Einhorn also noted that St. Joe was astucka after making an aggressive bet on beachfront developments that have gone nowhere, and that it was overvaluing the real estate holdings on its books.

On this news, the price of St. Joe stock fell $2.38 per share, or 9.7 percent, to close on October 13, 2010 at $22.16 per share, on unusually heavy trading volume. On the following day, the price of the Company's shares fell another $2.42 per share, or 10.9 percent, to close on October 14, 2010 at $19.74 per share, again on heavy trading volume.

If you purchased St. Joe common stock (i) during the period from February 19, 2008 through October 12, 2010, including purchases in the February 2008 stock offering; or (ii) purchased St. Joe common stock prior to February 19, 2008 and continue to hold your shares, and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you. You may qualify to serve as Lead Plaintiff on behalf of the Class. All motions for appointment as Lead Plaintiff must be filed by January 3, 2011. You do not have to sell your shares to serve as a Lead Plaintiff.