Provident Financial Services, Inc. (PFS)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Provident Financial Services, Inc. ("Provident" or "the Company") (NYSE: PFS). The investigation concerns whether Provident and certain of its officers and/or directors have violated federal securities laws.
On April 30, 2020, Provident announced its financial and operating results for the first quarter of 2020. The Company “reported net income of $14.9 million, or $0.23 per basic and diluted share, for the three months ended March 31, 2020, compared to net income of $30.9 million, or $0.48 per basic and diluted share, for the three months ended March 31, 2019.” Provident Financial services advised investors that its earnings were “adversely impacted by elevated provisions for credit losses primarily due to the adoption of a new accounting standard that requires the current recognition of allowances for losses expected to be incurred over the life of covered assets,” which provisions “were exacerbated by the current weak economic forecast attributable to the COVID-19 pandemic.” On this news, Provident’s stock price fell sharply during intraday trading on April 30, 2020.
If you are aware of any facts relating to this investigation, or purchased Provident shares, you can also contact Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.