MILWAUKEE, May 30, 2013 (GLOBE NEWSWIRE) -- We are investigating Enterprise Financial Services Corp. ("Enterprise" or the "Company") and its Board of Directors in connection with the Company's failure to comply with federal and state regulations and requesting that the Board improve the company's governance and internal controls so as to avoid such violations going forward.
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Between 2009 and 2011, the Company acquired the assets of three failing banks in Phoenix, AZ via FDIC-assisted transactions. However, Enterprise failed to upgrade the infrastructure of the banks with specialized software required to enable proper accounting for payments made on acquired loans, and to comply with the FDIC's reporting requirements. As a result, the Company was forced to erase half of its earnings for 2010 and 2011, and admitted that its "controls over accounting were not effective or accurate." The Company now faces substantial remediation costs and potential liability stemming from lawsuits.
If you have owned common stock in Enterprise since January 2011 or earlier and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/enterprise-financial-services-corp.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP