NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Provident Bancorp, Inc. (NASDAQ: PVBC), Hayward Holdings, Inc. (NYSE: HAYW), and Consensus Cloud Solutions, Inc. (NASDAQ: CCSI). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Provident Bancorp, Inc. (NASDAQ: PVBC)
On November 15, 2022, after the market closed, Provident announced in two filings with the U.S. Securities and Exchange Commission that it was delaying the issuance of its financial statements and quarterly report on Form 10-Q for the quarter ended September 30, 2022. Additionally, Provident said "it currently estimates that it will report a net loss of approximately $27.5 million for the quarter ended September 30, 2022, compared to net income of $5.1 million for the quarter ended September 30, 2021" and that "[t]he Company is still evaluating the actual level of losses due to the recent decline in the cryptocurrency mining industry, and such losses may exceed this estimate."
On this news, Provident's stock price fell $2.20 per share, or 21.78%, to close at $7.90 per share on November 16, 2022.
For more information on the Provident investigation go to: https://bespc.com/cases/PVBC
Hayward Holdings, Inc. (NYSE: HAYW)
On July 28, 2022, Hayward Holdings revealed that it was expecting its channel partners to reduce its inventory on hand by approximately 4 to 6 weeks in the second half of 2022. Hayward Holdings further disclosed that it was reducing its 2022 guidance to reflect this inventory reduction.
On this news, the price of Hayward Holdings common stock fell by approximately 18%.
For more information on the Hayward Holdings investigation go to: https://bespc.com/cases/HAYW
Consensus Cloud Solutions, Inc. (NASDAQ: CCSI)
On February 22, 2023, CCSI disclosed in a filing with the U.S. Securities and Exchange Commission that “[d]uring the preparation of its annual report on Form 10-K for the fiscal year ended December 31, 2022, the Company identified unintentional errors primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue.” Accordingly, the Company’s Audit Committee “determined that the unaudited financial statements for the three and nine month periods ended September 30, 2022 (the ‘Prior Financial Statements’) should no longer be relied upon and that a restatement of the Prior Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the ‘Q3 2022 10-Q’) is required.”
On this news, CCSI’s stock price fell $12.58 per share, or 21.14%, to close at $46.92 per share on February 23, 2023.
For more information on the CCSI investigation go to: https://bespc.com/cases/CCSI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.