PTRA SHAREHOLDER ALERT: Jakubowitz Law Reminds Proterra Shareholders of a Lead Plaintiff Deadline of September 12, 2023

NEW YORK, July 28, 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=42672&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

SOURCE Jakubowitz Law