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 firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
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