Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of federal securities law by certain officers and directors at Enterprise Financial Services Corporation (NASDAQ: EFSC). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, email@example.com, or via the shareholder information form on the firm's website.
On January 25, 2012, Enterprise Financial announced that it will restate its financial statements for the year ended December 31, 2010 and for the first three quarters of 2011 and 2010. This restatement was a result of an accounting error that resulted in an overstatement of income on loans covered by The Federal Deposit Insurance Corporation loss share agreements. The Company's Audit Committee concluded that these annual and quarterly financial statements, report on internal controls, and the report of its independent registered accounting firm should no longer be relied upon as a result of this overstatement of income. In particular, the Company plans to restate its financial statements included in its Annual Report on Form 10-K as of and for the year ended December 31, 2010, and the interim financial statements included in its Quarterly Reports on Form 10-Q as of and for the first three quarters of 2010 and 2011. As a result of the restatement, based on current estimates, the company expects diluted earnings per share for 2010 to be between $0.20 and $0.25, compared to the originally reported earnings per share of $0.45.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.