Enterprise Financial Services Corp. (EFSC)

[56Chevy]

Abraham, Fruchter & Twersky, LLP Announces Filing of Securities Class Action Lawsuit against Enterprise Financial Services Corp

Fri, Apr 13, 2012 12:35 PM EDT

.....On January 25, 2012, after the close of trading, Enterprise Financial announced that its Annual Report on Form 10-K filed with the SEC 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. On this news, the price per share of Enterprise Financial common stock fell nearly 19%, or $2.92, to close on January 26, 2012 at $12.55, on unusually high volume.

http://finance.yahoo.com/news/abraham-fruchter-twersky-llp-announces-163500029.html

*Enterprise Financial Services Corp operates as the holding company for Enterprise Bank & Trust that provides banking and wealth management services to individuals and business customers located in the St. Louis, Kansas City and Phoenix metropolitan markets.

** I do not own shares of EFSC nor do I plan to anytime soon.