Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Enterprise Financial Services, Corp. (“Enterprise Financial” or “EFSC”) (Nasdaq: EFSC) related to potential securities violations between April 20, 2010 and January 25, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Enterprise Financial and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ made false and/or misleading statements and/or failed to disclose: (1) that Enterprise Financial was improperly recording income on loans covered under loss share agreements with the FDIC; (2) that, as a result, Enterprise Financial’s income was overstated; (3) that, as such, Enterprise Financial’s financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) that Enterprise lacked adequate internal and financial controls; and (5) that, as a result, Enterprise Financial’s financial statements were materially false and misleading at all relevant times. It is further alleged that as a result of the foregoing, when Enterprise Financial finally announced that the financial statements included in its Annual Reports with the SEC on Form 10-K 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, should not longer be relied upon, Enterprise Financial shares plummeted 19% in a single day.