Bernstein Liebhard LLP today announced an investigation into Enterprise Financial Services Corporation (“Enterprise” or the “Company”) (NASDAQ: EFSC), following the Company’s disclosure of an accounting error which caused it to overstate income on loans covered by Federal Deposit Insurance Corp. (“FDIC”) loss-share agreements.
On January 25, 2012, the Company stated that it will restate its financial statements for the year ended December 31, 2010 and for the first three quarters of 2011 and 2010. The Company stated that it discovered the accounting error that resulted in an overstatement of income on loans covered by FDIC loss share agreements during those periods. The Company further stated that its Annual Report on Form 10-K for the year ended December 31, 2010 and the interim financial statements included in its Quarterly Reports on Form 10-Q for each of the periods ended March 31, June 30, and September 30, for 2010 and 2011, respectively, should no longer be relied upon.
If you are interested in discussing your rights as an Enterprise shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
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