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Provident Bancorp (PVBC) Ballooning Bad Debt on Crypto Loans Case
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- 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.
Failure to Disclose,
Shock Event Date
18 November 2022