PTRA ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of September 12, 2023 in the Class Action Filed on Behalf of Proterra Inc. Shareholders

NEW YORK, Aug. 15, 2023

Class Period: August 2, 2022 to March 15, 2023
Lead Plaintiff Deadline: September 12, 2023
No obligation or cost to you.

Learn more about your recoverable losses in PTRA:
https://www.kleinstocklaw.com/pslra-1/proterra-lawsuit-loss-submission-form?id=43438&from=4

Proterra Inc. NEWS - PTRA NEWS

CLASS ACTION CASE DETAILS: 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.

WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Proterra you have until September 12, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you purchased Proterra securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.