St. Joe Getting Killed As Company Reveals SEC Is Probing Financial Reports

The SEC has started a formal investigation of St. Joe JOE and Fairholme Capital, the company's largest shareholder. Bruce Berkowitz, the founder of Fairholme, is also the Chairman of St. Joe which is the largest landowner in the state of Florida. In a public filing, the company said that the probe “covers a variety of matters,” including securities-law, anti-fraud provisions for corporate officers and board members, internal controls and financial reports. The stock is trading down 9.20% to $18.96 with around 2 hours elapsed in Tuesday's trading session.