Faruqi & Faruqi, LLP Announces Investigation of Enterprise Financial Services Corp.’s May 2011 Stock Offering

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential violations of federal securities law at Enterprise Financial Services Corp. (“Enterprise Financial” or the “Company”) (Nasdaq: EFSC).  

The investigation focuses on the Company’s May 24, 2011 stock offering underwritten by Keefe, Bruyette & Woods and the Company’s January 25, 2012 announcement that the financial statements included in 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.  Enterprise Financial stated that it had discovered an error in its process used to record income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation (FDIC) during the foregoing periods.  As a result, the Company admitted that it had overstated its income during these periods.

Take Action

If you purchased Enterprise Financial stock in the Company’s May 24, 2011 stock offering underwritten by Keefe, Bruyette & Woods and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Enterprise Financial’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.