NEW YORK, NY / ACCESSWIRE / May 25, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Provident Financial Services, Inc. ("Provident" or the "Company") (NYSE:PFS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Provident and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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 $1.73 per share, or 10.76%, to close at $14.35 per share on April 30, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP