Proterra, Inc
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
Proterra is engaged in the development and production of electric transit vehicles and electric vehicle solutions with zero emissions.
On March 15, 2023, Proterra issued their quarterly earnings report for the fourth quarter of 2022 through a letter. The company disclosed a net loss of $81 million and a gross loss of $20.3 million for that quarter. They also mentioned that the audit report included in the 10-K annual report would likely contain a going concern qualification, which would be considered a default event under the company’s debt agreements. Following this announcement, the price of Proterra shares experienced a decline of approximately 61.75%, or $1.34 per share, going from $2.51 per share to a closing price of $1.17 on March 16, 2023.
The lawsuit claims that during the Class Period, the defendants made false and/or misleading statements and failed to disclose certain information. Specifically, they allegedly misrepresented that the $523 million recorded on the company’s balance sheet indicated strong financial stability and ample liquidity. Additionally, they purportedly failed to disclose that the new factory would enhance production efficiency and gross margins.
