Proterra Inc. Class Action Lawsuit - PTRAQ

According to the filed complaint, on March 15, 2023, Proterra announced their quarterly earnings. In that announcement, the Company stated they were in violation of a liquidity clause in their secured convertible notes and that they may have to qualify an audit report with a “going concern” clause. The financial issues stemmed from an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable during the relevant quarter. In response to the announcement, Proterra’s stock price substantially dropped from $2.51 per share to $1.16 per share, eliminating approximately $118 million in market capitalization in one day. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company repeatedly stated the $523 on their balance sheet meant the company had abundant liquidity and financial stability; and, (ii) the new factory in Greer, South Carolina would continue to improve production efficiency and gross margins.

In order to be eligible to join the PTRAQ class action lawsuit, you must have incurred a loss on shares of Proterra purchased during the class period listed above.

If you suffered a loss in Proterra during the relevant time frame or pursuant to the relevant offering(s), you have until September 12, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.