Shareholders of The St. Joe Company ("St. Joe" or the "Company") (NYSE:JOE) are reminded of the securities class action lawsuit filed against St. Joe and certain of its officers. The class action (Civil Action No.: 10-cv-0504) pending in the Northern District of Florida is on behalf of a class of all persons or entities who purchased or otherwise acquired St. Joe securities, including purchasers and sellers of options during the period from February 19, 2008 through October 12, 2010, inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) as the Florida real estate market was in decline, St. Joe was failing to take adequate and required impairments and accounting write-downs on many of its Florida based property developments; (2) as a result, St. Joe's financial statements materially overvalued the Company's Florida based property developments; (3) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On October 13, 2010, David Einhorn ("Einhorn") of Greenlight Capital Inc. detailed the need of the Company to take "substantial impairments" and accounting writedowns on many of its properties, and warned that further building by the Company would drive the stock price to zero. Einhorn's presentation noted that St. Joe's "development plans have fallen flat, leaving it with 'ghost towns' and inevitable writedowns." For example, Einhorn said he would "generously" place a value of $17.8 million on the remaining residential development at St. Joe's Windmark Beach property, while the Company is carrying the property at $164.5 million on its balance sheet. Einhorn also stated that the Company "was 'stuck' after making an aggressive bet on beachfront developments that have gone nowhere, and that it was overvaluing the real estate holdings on its books."