NEW YORK, April 11, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Eastern District of Missouri against Enterprise Financial Services Corp. ("Enterprise" or the "Company") (NASDAQ: EFSC), Case No. 12-cv-00637, on behalf of purchasers of Enterprise stock between April 20, 2010 and January 25, 2012 (the "Class Period").
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, defendants misrepresented and/or failed to disclose that: (i) the Company was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation; (ii) this caused the Company's income to be overstated; (iii) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iv) the Company lacked adequate internal and financial controls; and (v), as a result, the Company's financial statements were materially false and misleading during the class period.
On January 25, 2012, the Company disclosed that the information in its Form 10-K for 2010 and its Forms 10-Q for the first three quarters of 2010 and 2011, should no longer be relied upon. 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 heavy volume.
If you purchased Enterprise shares during the Class Period and sustained large losses, you may ask the Court to appoint you lead plaintiff for the class. Additionally, current holders of Enterprise shares purchased at any time may have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.