STEVENSON, MD--(Marketwire -04/11/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the securities of Enterprise Financial Corp. ("Enterprise" or the "Company") (NASDAQ: EFSC - News) during the period between April 20, 2010 and January 25, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Enterprise Financial Services Corp. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 11, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation ("FDIC") and that, as a result, the Company's income was overstated. According to the complaint, after, 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 due to an error in the process Enterprise used to record income on loans covered under loss share agreements with the FDIC resulting in an overstatement of the Company's reported income, the value of Enterprise shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
- United States District Court
Charles J. Piven
Brower Piven, A Professional Corporation