Law Offices of Howard G. Smith Announces Investigation Of The St. Joe Company

Law Offices of Howard G. Smith announced that it is investigating potential claims against The St. Joe Company, concerning possible breaches of fiduciary duties by the Company or its fiduciaries. The Company , together with its subsidiaries, operates as a real estate development company in Florida. The investigation concerns the Company’s July 1, 2011 announcement that on June 24, 2011 the Company received notice from the Securities and Exchange Commission (SEC) that it has issued an order of private investigation related to a previously disclosed SEC informal inquiry into the Company’s policies and practices concerning impairment of investment in real estate assets. According to the Company, the order of private investigation covers a variety of matters for the period beginning January 1, 2007 including the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities; compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company's current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act; internal controls; books and records; communications with auditors; and financial reports.