Boston, Massachusetts--(Newsfile Corp. - February 28, 2023) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Provident Bancorp, Inc. ("Provident" or the "Company") (NASDAQ: PVBC), a bank holding company based in Massachusetts.
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If you sustained significant losses from your transactions in Provident securities and would like to discuss your legal rights and/or options, please provide your information here: Shareholder Contact | Berman Tabacco.
About the Investigation
On November 15, 2022, after the market close, Provident filed a Form 8-K with the U.S. Securities and Exchange Commission (the "SEC") stating that "it currently estimates that it will report 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." The Company further stated that "[d]uring the third quarter of 2022, the volatility in Bitcoin and rising energy costs called into question the financial stability of the Company's borrowers who hold digital asset mining loans, the collectability of all principal and interest related to these loans, as well as the value of the cryptocurrency mining rigs that serve as the underlying collateral. These considerations, in conjunction with a partial write down on cryptocurrency mining rigs that were repossessed in exchange for the forgiveness of a $27.4 million loan relationship, triggered a detailed review of the portfolio of similarly collateralized loans."
On November 16, 2022, Provident's stock price fell $2.20 per share, or over 21%, to close at $7.90 per share.
No Responsibility for Attorneys' Fees or Expenses
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About Berman Tabacco
Berman Tabacco is one of the country's highly ranked class action law firms representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who's Who Legal, and Super Lawyers.
The firm has offices in Boston, Massachusetts and San Francisco, California.
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Past results do not guarantee future outcomes.
Contact:
Berman Tabacco
Islam Aly, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: [email protected]
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