NEW
YORK, Aug. 11, 2023 /PRNewswire/
-- Jakubowitz Law announces that a securities
fraud class action lawsuit has commenced on behalf of
shareholders of Proterra Inc. (NASDAQ: PTRA).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/proterra-class-action-loss-submission-form/?id=43313&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Proterra between August 2,
2022 and March 15, 2023.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
September 12, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
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.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law