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PVBC.US
id: 1001

Provident Bancorp (PVBC) Ballooning Bad Debt on Crypto Loans Case

  • In November 2022, a report alleged that Provident (PVBC) has potentially ballooning crypto-loans-related bad debt.
  • On it, $PVBC fell 6%, losing $8.6M+ of shareholder value.
  • Investors may have grounds to suspect that Provident hid its financial setbacks, which led to their losses.
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, $PVBC fell 6% and lost over $8.6 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Provident failed to timely disclose its financial setbacks, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
18 November 2022
Collecting participants…

Provident Bancorp Inc

Provident Bancorp, Inc. operates as the bank holding company for BankProv that provides various banking services to commercial and consumer clients in the United States. It offers checking, term ce...

    Ticker
    PVBC.US
    ISIN
    US74383L1052
    CIK
    1635840
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    5 Market Street, Amesbury, MA, United States, 01913