Bragar Eagel & Squire, P.C. Is Investigating Leidos, DLocal, and Provident and Encourages Investors to Contact the Firm
NEW YORK, Dec. 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Leidos Holdings Inc. (NYSE: LDOS), DLocal Ltd (NASDAQ: DLO), and Provident Bancorp, Inc. (NASDAQ: PVBC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Leidos Holdings Inc. (NYSE: LDOS)
In its 10-Q filed on November 1, 2022, Leidos disclosed that the Company received a grand jury subpoena in September 2022 related to the criminal investigation by the U.S. Attorney’s Office for the Southern District of California in conjunction with the DOJ’s Fraud Division. The subpoena requested documents relating to the Company’s internal investigation that Leidos disclosed in its 10-K filed on February 15, 2022. Leidos initiated the investigation related to activities by some employees, third-party representatives, and subcontractors to determine whether certain conduct may have violated The Foreign Corrupt Practices Act.In its 10-Q filed on November 1, 2022, Leidos disclosed that the Company received a grand jury subpoena in September 2022 related to the criminal investigation by the U.S. Attorney’s Office for the Southern District of California in conjunction with the DOJ’s Fraud Division. The subpoena requested documents relating to the Company’s internal investigation that Leidos disclosed in its 10-K filed on February 15, 2022. Leidos initiated the investigation related to activities by some employees, third-party representatives, and subcontractors to determine whether certain conduct may have violated The Foreign Corrupt Practices Act.
For more information on the Leidos investigation go to: http://bespc.com/cases/LDOS
DLocal Ltd (NASDAQ: DLO)
On November 16, 2022, Muddy Waters Capital LLC (“Muddy Waters”) published a research report concluding that DLocal “is likely a fraud.” Muddy Waters alleges that DLocal has repeated disclosures about its Total Processing Volume and accounts receivable “that flatly contradict one another” and that there is “a contradictory discrepancy between two key subsidiaries’ accounts payable and accounts receivable.” Muddy Waters also alleges that DLocal engaged in multiple misrepresentations to disguise the timing and the source of funding for an insider option exercise.
On this news, DLocal’s share price fell $10.76, or more than 50%, to close at $10.46 per share on November 16, 2022, thereby injuring investors.
For more information on the Provident investigation go to: http://bespc.com/cases/DLO
Provident Bancorp, Inc. (NASDAQ: PVBC)
On November 15, 2022, after the market closed, Provident announced in two filings with the U.S. Securities and Exchange Commission 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.”
On this news, Provident’s stock price fell $2.20 per share, or 21.78%, to close at $7.90 per share on November 16, 2022.
For more information on the Provident investigation go to: http://bespc.com/cases/PVBC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
