An investigation on behalf of investors in Provident Bancorp, Inc. (NASDAQ:PVBC) shares over potential wrongdoing at Provident Bancorp, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 03/14/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Provident Bancorp, Inc.
Investors who purchased shares of Provident Bancorp, Inc. (NASDAQ: PVBC) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Provident Bancorp, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
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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