SHAREHOLDER ALERT: Levi & Korsinsky Notifies Proterra Inc.(PTRAQ) Investors of a Class Action Lawsuit and Upcoming Deadline

NEW YORK, Sept. 7, 2023

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Proterra investors who were adversely affected by alleged securities fraud between August 11, 2021 and August 7, 2023. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/proterra-lawsuit-submission-form?prid=46752&wire=4

PTRAQ investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

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'S NEXT? If you suffered a loss in Proterra during the relevant time frame, you have until September 12, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.