Provident Bancorp, Inc. (NASDAQ: PVBC)

This investigation is for anyone who acquired securities in Provident Bancorp, Inc. (NASDAQ: PVBC) prior to November 17, 2022.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had sufficient controls in place to insulate the Company from instability in the cryptocurrency markets when the Company, in fact, did not insulate itself from instability in the cryptocurrency market.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. 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, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Provident Bancorp, Inc. (NASDAQ: PVBC) prior to November 17, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.