The St. Joe Company JOE Securities Purchasers & Acquirers File Securities Fraud Class Action Lawsuit Complaint Against The St. Joe Company Over Real Estate Accounting Write-Downs.
A securities fraud class action lawsuit has been filed against real estate development company The St. Joe Company (“The St. Joe Company” or “Joe”) and certain of its officers (collectively “Defendants”) in the United States District Court for the Northern District of Florida at Pensacola (Class Action Case No.: 10-cv-0504) on behalf of a class consisting of all persons who purchased or acquired St. Joe securities, including purchasers and sellers of options, between February 19, 2008 through October 12, 2010 (the “Class Period”), alleging that The St. Joe Company and certain of its officers violated federal securities fraud laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, by failing to disclose material adverse facts about the The St. Joe Company’s business, operations, and prospects, according to St. Joe Company securities fraud class action lawsuit news reports.
The St. Joe Company securities fraud class action lawsuit complaint reportedly alleges, among other things, that The St. Joe Company failed to disclose that as the Florida real estate market was in decline, St. Joe was failing to take adequate and required impairments and accounting write-downs on many of its Florida based property developments; and as a result, St. Joe’s financial statements purportedly overvalued St. Joe’s Florida based property developments.
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