CORRECTING and REPLACING The Shuman Law Firm Announces Investigation of The St. Joe Corporation

First graph, second sentence of release dated July 6, 2011 should read: St. Joe was incorporated in 1936 and is one of the largest real estate development companies in Florida (sted St. Joe offers general purpose reloadable prepaid debit cards and cash loading and transfer services).

The corrected release reads:

THE SHUMAN LAW FIRM ANNOUNCES INVESTIGATION OF THE ST. JOE CORPORATION

The Shuman Law Firm today announced that it is investigating potential claims against certain officers and directors of The St. Joe Company (“St. Joe” or the “Company”) (NYSE: JOE). St. Joe was incorporated in 1936 and is one of the largest real estate development companies in Florida.

On July 1, 2011, St. Joe disclosed that “On June 24, 2011, the Company received notice from the Securities Exchange Commission (“SEC”) that it has issued a related order of private investigation.” According to the filing, the order of private investigation “covers a variety of matters for the period beginning January 1, 2007 including (a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company’s current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports.” In addition, the order designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of matters.

The Shuman Law Firm’s investigation focuses on whether the directors and officers of St. Joe harmed the Company by breaching their fiduciary duties to shareholders by causing or permitting the Company to violate antifraud provisions of the Federal securities laws and/or failing to maintain adequate internal controls.

If you currently own shares of St. Joe and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at kip@shumanlafirm.com or email Mr. Glenn at rusty@shumanlawfirm.com.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.

Contacts:

The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
kip@shumanlawfirm.com
or
Rusty E. Glenn, Esq., 866-974-8626
rusty@shumanlawfirm.com
Fax: 303-484-4886
www.shumanlawfirm.com
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