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St. Joe shares fall most since February

July 05, 2011 01:15PM

The shares of St. Joe, the largest landowner in northern Florida,
fell the most since Feburary following news last week that it was facing
a formal investigation by the U.S. Securities and Exchange Commission.
Tuesday was the first trading day since the revelation of the probe,
which covers “a variety of matters,” the company said in a filing July
1. St. Joe Chairman Bruce Berkowitz said there was not much new in the
announcement. Berkowtiz was named along with Fairholme Capital
Management, a Miami limited liability company, a firm founded by
Berkowitz, in the investigation. [Bloomberg]