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Investigation announced for NYSE: PFS investors over potential Securities Laws Violations by Provident Financial Services, Inc.

02-24-2020 04:16 PM CET | Politics, Law & Society

Press release from: Shareholders Foundation

An investigation for investors in Provident Financial Services, Inc. (NYSE: PFS) shares over potential securities laws violations.

An investigation for investors in Provident Financial Services, Inc. (NYSE: PFS) shares over potential securities laws violations.

An investigation was announced over potential securities laws violations by Provident Financial Services, Inc. in connection with certain financial statements.

Investors who purchased shares of Provident Financial Services, Inc. (NYSE: PFS), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Provident Financial Services, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Jersey City, NJ based Provident Financial Services, Inc. operates as the holding company for Provident Bank that provides various banking services to individuals, families, and businesses in the United States.

On April 27, 2018, Provident Financial Services, Inc released its financial results for the first fiscal quarter of 2018, disclosing "deterioration in selected commercial credits, including a $15.4 million credit to a commercial borrower" that had filed for bankruptcy in March 2018. Provident further disclosed that the Company had established a $2.5 million specific reserve for this impaired loan.

On July 5, 2018, Provident Financial Services, Inc disclosed that the Company expected an additional reserve would be required for the remaining balance of the previously disclosed $15.4 million credit, and that its net income for the quarter ended June 30, 2018 would be reduced by up to $9.3 million.

On July 27, 2018, pre-market, Provident Financial Services, Inc released its financial results for the second fiscal quarter of 2018, disclosing that two additional loans from another commercial borrower became impaired during the quarter, leading to a net charge-off of $4 million. Provident's Chairman, President, and Chief Executive Officer ("CEO"), Christopher Martin ("Martin"), stated that the losses "were primarily driven by two commercial relationships which we believe involved borrower fraud in each instance."
In December 2019, certain Provident Financial Services, Inc emails were made public during the course of litigation in New York state court, which indicated that Provident was aware of the fraudulent nature of and/or risks posed by at least one of its failed loans. Specifically, Provident executives and top-level management, including CEO Martin, seemingly ignored multiple red flags regarding a potential loan to Lotus Exim International ("Lotus") before ultimately extending a $17 million loan to Lotus.

Shares of Provident Financial Services, Inc. (NYSE: PFS) declined on February 20, 2020 to as low as $22.67 per share.

Those who purchased shares of Provident Financial Services, Inc. (NYSE: PFS) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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