Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Enterprise Financial Services Corp
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Missouri on behalf of a class consisting of all persons or entities who purchased the securities of Enterprise Financial Services Corp (“Enterprise” or the “Company”) (NASDAQ: EFSC) between April 20, 2010 and January 25, 2012, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at email@example.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Enterprise and certain of the Company's executive officers with violations of federal securities laws. Enterprise operates as the holding company for Enterprise Bank & Trust, which purports to provide banking and wealth management services to individuals and business customers in the St. Louis, Kansas City and Phoenix metropolitan markets. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose material adverse facts about Enterprise's business, operations and prospects. Specifically, the Complaint alleges that defendants misrepresented and/or failed to disclose that: (1) the Company was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation ("FDIC"); (2) as a result, the Company's income was overstated; (3) as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) the Company lacked adequate internal and financial controls; and (5), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On January 25, 2012, the Company 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. 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.
As a result of 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 are a member of the class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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