This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Abraham, Fruchter & Twersky, LLP Announces Filing Of Securities Class Action Lawsuit Against Enterprise Financial Services Corp

Abraham, Fruchter & Twersky, LLP announces that a securities class action lawsuit 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”) (NASDAQ: EFSC) between April 20, 2010 and January 25, 2012, inclusive (the “Class Period”), alleging violations of Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 against the Company and certain of its officers (the “Complaint”).

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 and prospects, including that: (i) the Company was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation ("FDIC"); (ii) as a result, the Company's income was overstated; (iii) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iv) the Company lacked adequate internal and financial controls; and (v), as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On January 25, 2012, after the close of trading, Enterprise Financial announced that its Annual Report on Form 10-K filed with the SEC for the 2010 fiscal year, and the interim financial statements included in its Quarterly Reports filed with the SEC on Form 10-Q for the first three fiscal quarters of 2010 and 2011, respectively, should no longer be relied upon. According to the Company, during these periods an error in the process Enterprise used to record income on loans covered under loss share agreements with the FDIC resulted in the overstatement of the Company's reported income. On this news, the price per share of Enterprise Financial common stock fell nearly 19%, or $2.92, to close on January 26, 2012 at $12.55, on unusually high volume.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs