SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Proterra Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of September 12, 2023 - (NASDAQ: PTRA)

NEW YORK, Aug. 29, 2023 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Proterra Inc.

Shareholders who purchased shares of PTRA during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=45077&from=4 

CLASS PERIOD: August 2, 2022 to March 15, 2023

ALLEGATIONS: 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.

DEADLINE: September 12, 2023 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/proterra-loss-submission-form/?id=45077&from=4 

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of PTRA during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is September 12, 2023. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903

SOURCE The Gross Law Firm