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Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Enterprise Financial Services Corp

Monday, April 16, 2012 8:05 PM


Glancy Binkow & Goldberg LLP, representing investors of Enterprise Financial Services Corp (“Enterprise” or the “Company”) (NASDAQ:EFSC), announces that all purchasers of the Company’s securities between April 20, 2010 and January 25, 2012, inclusive (the “Class Period”), have until June 11, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Eastern District of Missouri. Enterprise operates as the holding company for Enterprise Bank & Trust, which provides banking and wealth management services in the St. Louis, Kansas City and Phoenix metropolitan markets.

The Complaint alleges that the defendants issued 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, 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. 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.

If you are a member of the class described above, you may move the Court, no later than June 11, 2012, 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, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

(Source: Business Wire )
(Source: Quotemedia)

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