NEW YORK,
Aug. 2,
2023 /PRNewswire/ -- The Gross Law Firm issues the
following notice to shareholders of Proterra Inc..
Shareholders who purchased shares of PTRA during
the class period listed are encouraged to contact the firm
regarding possible lead plaintiff appointment. Appointment as lead
plaintiff is not required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=42840&from=4
CLASS PERIOD: August 2, 2022 to March
15, 2023
ALLEGATIONS: 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.
DEADLINE: September 12,
2023 Shareholders should not delay in registering for
this class action. Register your information here:
https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=42840&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you
register as a shareholder who purchased shares of PTRA during the
timeframe listed above, you will be enrolled in a portfolio
monitoring software to provide you with status updates throughout
the lifecycle of the case. The deadline to seek to be a lead
plaintiff is September 12, 2023.
There is no cost or obligation to you to participate in this
case.
WHY GROSS LAW FIRM? The Gross Law Firm is
a nationally recognized class action law firm, and our mission is
to protect the rights of all investors who have suffered as a
result of deceit, fraud, and illegal business
practices. The Gross Law Firm is committed to ensuring that
companies adhere to responsible business practices and engage in
good corporate citizenship. The firm seeks recovery on behalf of
investors who incurred losses when false and/or misleading
statements or the omission of material information by a company
lead to artificial inflation of the company's stock. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm