NEW YORK, Jan. 03, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against DLocal Ltd DLOProvident Bancorp, Inc. PVBCFTX Token FTTand Alico, Inc. ALCO. Our investigations address whether these companies have violated federal securities laws and/or engaged in other illegal business practices. For more information on each case, see the link provided.

DLocal Ltd DLO

On November 16, 2022, Muddy Waters Capital LLC (“Muddy Waters”) published a research report concluding that DLocal “is likely a scam.” Muddy Waters alleges that DLocal has made repeated disclosures about its aggregate processing volume and receivables that “flatly contradict each other” and that there is “a conflicting discrepancy between the liabilities and receivables of two key subsidiaries.” Muddy Waters also alleges that DLocal made multiple misstatements to obscure the timing and source of funding for an insider options exercise.

As a result of this news, DLocal’s stock price fell $10.76, or more than 50%, to close at $10.46 per share on November 16, 2022, hurting investors.

For more information on the Twist investigation, visit: https://bespc.com/cases/DLO

Provident Bancorp, Inc. PVBC

On November 15, 2022, after the market closed, Provident announced in two filings with the Securities and Exchange Commission that it was completing the release of its annual financial statements and quarterly report on Form 10-Q for the September 30, 2022 fiscal year past quarter delay. In addition, 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 a net income of $5.1 million for the year ended Quarter ended September 30, 2021” and that “[t]The Company is still assessing the actual size of losses due to the recent downturn in the cryptocurrency mining industry and such losses may exceed this estimate.”