An investigation for investors in Provident Bancorp, Inc. (NASDAQ:PVBC) shares over potential securities laws violations by Provident Bancorp, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 01/12/2023 -- An investigation on behalf of investors of Provident Bancorp, Inc. (NASDAQ: PVBC) shares over potential securities laws violations by Provident Bancorp, Inc. was announced.
Investors who purchased shares of Provident Bancorp, Inc. (NASDAQ: PVBC), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Provident Bancorp, Inc. (NASDAQ: PVBC) concerning whether a series of statements by Provident Bancorp, Inc. (NASDAQ: PVBC regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Amesbury, MA based Provident Bancorp, Inc. operates as the bank holding company for The Provident Bank that provides various financial services to individuals and small businesses in the United States. Provident Bancorp, Inc. reported that its annual Total Revenue rose from $58.01 million in 2020 to $66.59 million in 2021, and that its Net INcome increased from $11.98 million in 2020 to $16.13 million in 2021.
On November 15, 2022, Provident Bancorp, Inc. announced that it would be unable to timely file its quarterly report for third quarter 2022, but disclosed that it currently estimates a net loss of approximately $27.5 million. Provident Bancorp, Inc. explained that is still evaluating the actual level of losses "due to the recent decline in the cryptocurrency mining industry."
Then, on November 17, 2022, The Bear Cave issued a report alleging that Provident Bancorp, Inc. has potentially ballooning bad debt expenses relating to some of its cryptocurrency related loans and transactions.
Shares of Provident Bancorp, Inc. (NASDAQ: PVBC) declined from $15.34 per share on October 17, 2022, to as low as $6.10 per share on December 6, 2022.
Those who purchased shares of Provident Bancorp, Inc. (NASDAQ: PVBC) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.