Enterprise Financial Services Corporation
Robbins Umeda LLP Announces the Filing of a Class Action Suit Against Enterprise Financial Services Corporation
Robbins Umeda LLP announces the filing of a federal securities class action by an investor in the U.S. District Court for the Eastern District of Missouri on behalf of purchasers of Enterprise Financial Services Corporation (NYSE: EFSC) (“Enterprise” or the “Company”) shares between April 20, 2010 and January 25, 2012 (the “Class Period”).
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business, operations, and future prospects. In particular, the complaint alleges that defendants misrepresented and/or failed to disclose that Enterprise was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation (“FDIC”). As a result, (i) Enterprise’s income was overstated; (ii) the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iii) Enterprise lacked adequate internal and financial controls; and (iv) the Company’s financial statements were materially false and misleading at all relevant times.
On January 25, 2012, Enterprise announced that the financial statements included in its Annual Report filed 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, respectively, should no longer be relied upon. On this news, shares of Enterprise declined $2.92 per share, nearly 19%, to close on January 26, 2012, at $12.55 per share, on unusually heavy volume.
If you purchased or otherwise acquired Enterprise during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than June 11, 2012. Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.