CINCINNATI, Feb. 3, 2012 (GLOBE NEWSWIRE) -- Attorney Advertising - The law firm of Statman, Harris & Eyrich, LLC announced today that it is investigating Enterprise Financial Services Corporation ("Enterprise" or the "Company") for potential violations of federal securities laws, including potential breaches of fiduciary duty by certain officers and directors of Enterprise, in connection with the Company's financial reporting resulting in an overstatement of income on loans covered by Federal Deposit Insurance Corp. ("FDIC") loss-share agreements. Enterprise Financial operates as the holding company for Missouri-based Enterprise Bank & Trust, which provides banking and wealth management services to individuals and businesses.
The Company stated on January 25, 2012 that due to the discovery of an accounting error that resulted in an overstatement of income on the FDIC-covered loans, its financial statements for the year ended December 31, 2010 and the first three quarters of 2011 and 2010 will be restated. As a result, the Company stated that its Annual Report in Form 10-K for the year ended December 31, 2010 and the interim Form 10-Q Quarterly Reports for the periods ended March 31, June 30, and September 30 for 2010 and 2011 should no longer be relied on. Due to the reinstatement, diluted earnings per share of Enterprise for 2010 are expected to be between $0.20 and $0.25 compared to the originally reported earnings per share of $0.45, based on current Company estimates.
Shareholders who purchased Enterprise stock in connection with the Company's May 24, 2011 stock offering may have a claim against the Company and are encouraged to contact attorney Brian Giles at (513) 345-8181 or at classaction@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC, which has significant experience in class actions, has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com