St. Joe Shareholders Lose Bid To Revive Class Action

Law360, Washington (February 15, 2012, 4:05 PM EST) -- A Florida federal judge refused to revive a shareholder class action Tuesday accusing real estate developer The St. Joe Co. of inflating the value of its holdings, despite investors' contention of new evidence.

Lead plaintiff the City of Southfield Fire & Police Retirement System alleged that a $325 million to $375 million impairment charge announced by St. Joe’s in late January proved the developer had prior knowledge of the inflated values of its real estate holdings, but filed misleading U.S. Securities and Exchange Commission documents touting...
To view the full article, register now.