Enterprise Financial Services Corp.

Class Period: Apr 20, 2011 to Jan 25, 2012

Lead Plaintiff Deadline: Jun 11, 2012 + Deadline passed

Summary of Case:

A securities class action has been filed against Enterprise Financial Services Corp. ("Enterprise" or the "Company") on behalf of all persons or entities who purchased the securities of Enterprise between April 20, 2010 to January 25, 2012.  This case has been filed in the USDC - Missouri (Eastern).

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 purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.