LOS ANGELES–(BUSINESS WIRE)–$PVBC #PVBC—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Provident Bancorp, Inc. (“Provident” or “the Company”) (NASDAQ: PVBC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Provident announced on November 15, 2022, that it would fail to file its quarterly financials for Q3 while also disclosing an estimated net loss of about $27.5 million. The Company blames its losses on “due to the recent decline in the cryptocurrency mining industry.” Based on this news, shares of Provident fell by almost 22% on the next day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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The Schall Law Firm
Brian Schall, Esq.