Branham Law, LLP
is investigating certain officers and directors of Enterprise Financial Services Corp. (
) (“Enterprise” or the “Company”) for possible breaches of fiduciary duties in connection the Company’s financial statements of the company.
Current long-term investors in Enterprise have certain options and should contact attorney
or toll free at (855) 722-5910. This investigation is prompted by a lawsuit against Enterprise filed by shareholders who purchased Enterprise shares between April 20, 2010 and January 25, 2012.
According to a suit filed in Missouri federal court, Enterprise Financial Services Corp. and certain its executive officers violated the Securities Exchange Act of 1934 by issuing allegedly false and/or misleading statements and/or failing to disclose material adverse facts about Enterprise's business, operations and prospects.
On Thursday, January 25, 2012, Enterprise announced that it was restating its financial statements for the year ended December 31, 2010 and for the first three quarters of 2011 and 2010. Enterprise said the restatements were a result of an accounting error resulting in an inadvertent overstatement of income on loans covered by FDIC loss share agreements during those periods.
Enterprise further acknowledged 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, were not reliable.
Branham Law, LLP has significant experience in shareholder representation nationwide.