Provident Bancorp, Inc.


Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Provident Bancorp To Contact Him Directly To Discuss Their Options

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Provident Bancorp, Inc. (“Provident Bancorp” or the “Company”) (NASDAQ: PVBC).

If you suffered losses exceeding $50,000 investing in Provident Bancorp stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

On November 15, 2022, Provident announced that it would be unable to timely file its quarterly report for third quarter 2022, but disclosed that it currently estimates a net loss of approximately $27.5 million. The Company explained that is still evaluating the actual level of losses "due to the recent decline in the cryptocurrency mining industry."

On this news, Provident's stock price fell $2.20, or 21.8%, to close at $7.90 per share on November 16, 2022, thereby injuring investors.

Then, on November 17, 2022, The Bear Cave issued a report alleging that Provident has potentially ballooning bad debt expenses relating to some of its cryptocurrency related loans and transactions.

On this news, Provident's stock price fell $0.49, or 6%, to close at $7.45 per share on November 18, 2022, thereby injuring investors further.

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Provident Bancorp, Inc.

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Details

Filed on 11/29/2022

Ticker PVBC

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

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685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

1901 Avenue of the Stars Suite 1060
Los Angeles, California 90067
(424) 256-2884
(424) 256-2885

Georgia

3565 Piedmont Road NE Building Four, Suite 380
Atlanta, Georgia 30305
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania