Press release
Lawsuit Alert: Investors who lost money with shares of Proterra Inc. (NASDAQ: PTRA) should contact the Shareholders Foundation
A lawsuit was filed on behalf of investors in Proterra Inc. (NASDAQ: PTRA) shares over alleged securities laws violations.
Investors who purchased shares of Proterra Inc. (NASDAQ: PTRA) have certain options and for certain investors are short and strict deadlines running. Deadline: September 12, 2023. NASDAQ: PTRA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Burlingame, CA based Proterra Inc. provides commercial vehicles in the United States, the European Union, Canada, the United Kingdom, Australia, Japan, and Türkiye. On March 15, 2023, Proterra Inc. 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.
Shares of Proterra Inc. (NASDAQ: PTRA) declined from $7.03 per share on August 15, 2022 to as low as $0.912 per share on April 27, 2023.
The plaintiff claims that between August 2, 2022 to March 15, 2023, the defendants made false and/or misleading statements and/or failed to disclose that the Company repeatedly stated the $523 on their balance sheet meant the company had abundant liquidity and financial stability; and that the new factory in Greer, South Carolina would continue to improve production efficiency and gross margins.
Those who purchased shares of Proterra Inc. (NASDAQ: PTRA) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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