St. Joe Co., a northern Florida real estate developer, received a Wells notice from the U.S. Securities and Exchange Commission indicating the agency will file an action for securities-law violations, according to a regulatory filing.
The investigation centers on “historical accounting and disclosure practices and real estate valuations” in financial results for 2010, 2009 and prior periods, the WaterSound, Florida-based company said Monday in the SEC filing. A Wells notice provides the company an opportunity to respond to issues raised in investigations that can lead to recommendations for civil penalties.
