WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Provident Bancorp, Inc. (NASDAQ: PVBC), the holding company for BankProv formerly known as The Provident Bank, resulting from allegations that Provident Bancorp may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Provident Bancorp securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=10252 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On November 15, 2022, after market hours, Provident Bancorp announced that it would be unable to timely file its quarterly report for its 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 Bancorp’s stock price fell $2.20, or 21%, to close at $7.90 per share on November 16, 2022.

Then, on November 17, 2022, The Bear Cave published a report entitled “The Great Crypto Collapse” which, among other things, alleged issues with Provident Bancorp and its wholly-owned subsidiary BankProv (formerly known as The Provident Bank).

On this news, Provident Bancorp’s stock price fell 6% to close at $7.45 per share on November 18, 2022.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

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