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.
On January 26, 2012, the first trading day after these disclosures, the price of the Company’s common stock declined $2.92 per share, or almost 19%, to close at $12.55 per share, on unusually heavy trading volume.If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.