LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Provident Bancorp, Inc. (“Provident” or the “Company”) (NASDAQ: PVBC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 15, 2022, Provident 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. The Company explained that is still evaluating the actual level of losses “due to the recent decline in the cryptocurrency mining industry.”
On this news, Provident’s stock price fell $2.20, or 21.8%, to close at $7.90 per share on November 16, 2022, thereby injuring investors.
Then, on November 17, 2022, The Bear Cave issued a report alleging that Provident has potentially ballooning bad debt expenses relating to some of its cryptocurrency related loans and transactions.
On this news, Provident’s stock price fell $0.49, or 6%, to close at $7.45 per share on November 18, 2022, thereby injuring investors further.
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If you purchased Provident securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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