Provident Bancorp Investor Alert: Kaplan Fox Investigates Provident Bancorp
NEW YORK, Nov. 25, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Provident Bancorp, Inc. (“Provident” or “Company”) (NASDAQ: PVBC).
If you acquired Provident Bancorp securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003 or our toll free number 1 (800) 290-1952.
Provident Bancorp is a holding company that operates a commercial bank. The Company offers digital currency, business and private banking, cash management, and personal services.
On November 15, 2022, after the market closed, Provident announced in two SEC filings that it was delaying the issuance of its financial statements and quarterly report on Form 10-Q for the quarter ended September 30 2022. Additionally, Provident said “it currently estimates that it will report a net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021” and that “[t]he Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate.”
Following this news, on November 16, 2022, Provident’s shares fell $2.20 per share, over 21%, to close at $7.90 per share.
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WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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