Following the announcement that Enterprise Financial Services will have to restate certain financial statements and that it received a notice from the NASDAQ OMX Group that Enterprise Financial Services Corp is not in compliance with certain listing requirements prompted an investigation for investors in NASDAQ:EFSC shares over potential securities laws violations by Enterprise Financial Services.
Investors who purchased shares of Enterprise Financial Services Corp. (NASDAQ:EFSC) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Enterprise Financial Services Corporation (NASDAQ:EFSC) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements Enterprise Financial Services’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.
On Thursday, January 25, 2012, Enterprise Financial Services Corp (Nasdaq: EFSC) announced that it will have to restate its financial statements for the year ended December 31, 2010 and for the first three quarters of 2011 and 2010. Enterprise Financial Services Corp said it discovered an accounting error that resulted in an inadvertent overstatement of income on loans covered by FDIC loss share agreements during those periods. Enterprise Financial Services further stated that its Annual Report on Form 10-K for the year ended December 31, 2010 and the interim financial statements included in its Quarterly Reports on Form 10-Q for each of the periods ended March 31, June 30, and September 30, for 2010 and 2011, respectively, should no longer be relied upon.
Following the announcement shares of Enterprise Financial Services Corp. (NASDAQ:EFSC) fell from $15.50 on January 25, 2012 to $12.19 on January 27, 2012.
Then on April 2, 2012. Enterprise Financial Services Corp (NASDAQ: EFSC) announced that it had received a notice from The NASDAQ OMX Group (“NASDAQ”) indicating that the Enterprise Financial Services Corp is not in compliance with the continued listing requirements because the Company did not timely file its Annual Report on Form 10-K for the year ended December 31, 2011.
NASDAQ:EFSC shares closed on April 9, 2012 at $11.14 per share.
Those who purchased shares of Enterprise Financial Services Corp. (NASDAQ:EFSC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego