Kurt
Admin
The St. Joe Company (NYSE: JOE) announced that it has fully resolved the previously disclosed investigation by the Securities and Exchange Commission (SEC). Pursuant to the settlement, the Company, without admitting or denying any factual allegations, consented to the SEC's issuance of an administrative order.
The Company previously established a reserve for potential settlement costs relating to this SEC investigation which will not require an adjustment in the third quarter of 2015, although the Company expects to incur additional legal fees during the third and fourth quarter relating to the completion of this SEC investigation.
The settlement and all allegations relate to actions taken prior to the 2011 replacement of the Company's Board of Directors, the Chief Executive Officer and the Chief Financial Officer. None of the SEC's allegations, findings, sanctions, remedies or orders relate to any of the Company's current directors or controlling shareholders.
The Company cooperated with the SEC investigation and believes this settlement is in the best interests of the Company.
The Company previously established a reserve for potential settlement costs relating to this SEC investigation which will not require an adjustment in the third quarter of 2015, although the Company expects to incur additional legal fees during the third and fourth quarter relating to the completion of this SEC investigation.
The settlement and all allegations relate to actions taken prior to the 2011 replacement of the Company's Board of Directors, the Chief Executive Officer and the Chief Financial Officer. None of the SEC's allegations, findings, sanctions, remedies or orders relate to any of the Company's current directors or controlling shareholders.
The Company cooperated with the SEC investigation and believes this settlement is in the best interests of the Company.