Robbins Umeda LLP Announces the Investigation of Enterprise Financial Services Corporation
February 01 2012 - 3:02PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of federal securities law by certain officers and
directors at Enterprise Financial Services Corporation (NASDAQ:
EFSC). Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Gregory E.
Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
On January 25, 2012, Enterprise Financial announced that it will
restate its financial statements for the year ended December 31,
2010 and for the first three quarters of 2011 and 2010. This
restatement was a result of an accounting error that resulted in an
overstatement of income on loans covered by The Federal Deposit
Insurance Corporation loss share agreements. The Company's Audit
Committee concluded that these annual and quarterly financial
statements, report on internal controls, and the report of its
independent registered accounting firm should no longer be relied
upon as a result of this overstatement of income. In particular,
the Company plans to restate its financial statements included in
its Annual Report on Form 10-K as of and for the year ended
December 31, 2010, and the interim financial statements included in
its Quarterly Reports on Form 10-Q as of and for the first three
quarters of 2010 and 2011. As a result of the restatement, based on
current estimates, the company expects diluted earnings per share
for 2010 to be between $0.20 and $0.25, compared to the originally
reported earnings per share of $0.45.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/enterprise-financial-service/
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