NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Provident Bancorp, Inc. (“Provident or the “Company”) PVBC. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Provident and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On November 15, 2022, after the market close, Provident announced in two filings with the 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 . 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.”[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.”

As a result of 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.

The Pomerantz law firm, with offices in New York, Chicago, Los Angeles, London and Paris, is one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Attorney’s Association, the Pomerantz firm pioneered the field of securities class action. Today, more than 80 years later, the Pomerantz law firm continues the tradition he established and fights for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomerantzlaw.com.