San Diego, CA -- (SBWIRE) -- 04/24/2012 -- A current investor in NASDAQ:EFSC filed a lawsuit against directors of Enterprise Financial Services Corp. over alleged breaches of fiduciary duties connection with certain financial statements.
Investors who purchased shares of Enterprise Financial Services Corp. (NASDAQ:EFSC) and currently hold any of those NASDAQ:EFSC shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that certain directors of Enterprise Financial Services Corp. breached their fiduciary duties owed to NASDAQ:EFSC stockholders over certain statements made between April 20, 2010 and January 25, 2012.
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 Jan 25, 2012 to $12.55 per share on Jan. 21, 2012.
NASDAQ:EFSC shares closed on April 23, 2012 at $11.89 per share.
Those who purchased shares of Enterprise Financial Services Corp. (NASDAQ:EFSC) and currently hold any of those NASDAQ:EFSC shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego