OS ANGELES–(Zeest Media)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Proterra Inc. (“Proterra” or the “Company”) (NASDAQ: PTRA) securities between August 2, 2022 and March 15, 2023, inclusive (the “Class Period”). Proterra investors have until September 12, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Proterra investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/Proterra-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On March 15, 2023, Proterra announced its 2022 financial results. The Company disclosed that it saw an increase in cash burn due to a decrease in gross margin and an increase in accounts receivable. As a result, the Company claimed that it was in violation of a liquidity clause in its secured convertible notes, and that it may have to qualify its audit report with a “going concern” clause.
On this news, Proterra’s stock price fell $1.35, or 53.6%, to close at $1.17 per share on March 16, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company repeatedly stated the $523 million on their balance sheet meant the company had abundant liquidity and financial stability; (2) the new factory would continue to improve production efficiency and gross margins; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Proterra securities during the Class Period, you may move the Court no later than September 12, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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