Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Missouri on behalf of all persons or entities that purchased the securities of Enterprise Financial Services Corp (“Enterprise Financial” or the “Company”) (NasdaqGS: EFSC) between April 20, 2010 and January 25, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Enterprise Financial during the Class Period, or purchased shares prior to the Class Period and still hold Enterprise Financial, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/enterprise-financial-services-corp-efsc.
Enterprise Financial, a Delaware corporation headquartered in Clayton, Missouri, provides banking and wealth management services to customers in the St. Louis, Kansas City and Phoenix markets. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and failed to disclose materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that Enterprise Financial failed to disclose that the Company improperly recorded income on loans subject to loss share agreements with the Federal Deposit Insurance Corporation (“FDIC”), resulting in overstatement of the Company’s income; that, as a result, Enterprise Financial’s publicly reported financial results were not prepared in accordance with Generally Accepted Accounting Principles; the Company lacked adequate internal and financial controls; and the Company’s Class Period financial statements were materially false and misleading.
On January 25, 2012, Enterprise Financial announced that the financial statements in its Annual Report filed with the United States Securities and Exchange Commission (the “SEC”) on Form 10-K for the 2010 fiscal year, as well as the interim financial statements in its Quarterly Reports filed with the SEC on Forms 10-Q for the first three quarters of 2010 and 2011, should no longer be relied upon. Enterprise Financial further disclosed that an error in recording income on loans subject to FDIC loss share agreements resulted in the overstatement of the Company’s reported income.