The investigation concerns whether St. Joe and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On January 26, 2015,, the Company announced in a Securities and Exchange Commission ("SEC") filing that, "as previously disclosed in the Company's filings, on January 4, 2011 the Company received notice from the Staff (the "Staff") of the Securities and Exchange Commission (the "Commission") of the initiation of an inquiry into the Company's policies and practices concerning impairment of investment in real estate assets. On July 1, 2011, the Company disclosed that it had received notice from the Staff that the Staff had issued a related order of private investigation. On January 20, 2015, the Company received a written "Wells Notice" from the Staff indicating the Staff's preliminary determination to recommend that the Commission file an action against the Company for violations of certain federal securities laws. The Staff has informed the Company that the Wells Notice relates to historical accounting and disclosure practices and real estate asset valuations principally as reflected in the Company's financial results for 2010, 2009 and prior periods. All allegations relate to actions taken prior to the 2011 replacement of the Company's Board of Directors, the Chief Executive Officer and the Chief Financial Officer. The Wells Notice allegations involve former employees and one current non-executive officer and the Wells Notice is not directed towards any of the Company's current or recently retired directors or executive officers or any of its controlling shareholders." On this news, shares of St Joe fell $1.52 per share to $15.17, or more than 9.11%, in after hours trading on January 26, 2015.