11th Circ. Snubs St. Joe Investors’ Loss Causation Theory

Law360, New York (February 26, 2013, 12:54 AM EST) -- The Eleventh Circuit on Monday handed a defeat to The St. Joe Co.’s investors, finding short-seller David Einhorn’s 2010 presentation on real estate’s woes at the time was not enough to prove the Jacksonville, Fla.-based real estate firm had caused their losses.

A three-judge panel ruled that a presentation by Einhorn that suggested St. Joe’s assets might be overvalued, and certain disclosures by St. Joe in 2011 about a U.S. Securities and Exchange investigation into its assets, was not enough to show loss causation, because they...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.