10-18-2010, 01:12 PM #1
Shareholders Investigation of St JOE
The St. Joe Company under investor investigation over possible securities laws violations
An investigation on behalf of investors in The St. Joe Company (NYSE:JOE) over possible violations of Federal Securities laws by the St. Joe Company was announced.
....David Einhorn proceeded to go through the various developments, citing St. Joe Company’s progress reports on file with local authorities. Einhorn reportedly mentioned a case of one town, out of 2,600 units planned by 2011, St. Joe Company’s only built 12 dwelling units and added “the local fire department said they wouldn’t build a fire station because there’s nothing going on here.” Einhorn reportedly also named other developments by St. Joe Company, such as a development that is advertised as beachfront, but appears to be no land in the development that’s actually by the beach, or another development that is next-door to a sewage facility. The Wall Street Journal further reported that that the basic thesis of Einhorn’s presentation was that “[St. Joe’s] holdings of Florida real estate are worth nowhere near the $746 million the company says they are worth.”
Just in time for JOE's quarterly conference call Nov 2, 9:30 (CDT)--listen in, it's going to be very interesting.
________________But hey...Top Ramen tastes a whole lot better when you eat it off of a Granite Countertop. (Mr & Mrs Too Much Homebuyer)