The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Proterra Inc. (PTRAQ)
The Law Offices of Frank R. Cruz reminds investors of the upcoming September 12, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Proterra Inc. (“Proterra” or the “Company”) (OTC: PTRAQ) securities between August 11, 2021 and August 7, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On March 15, 2023, Proterra announced its 2022 financial results. The Company disclosed that it saw an increase in cash burn due to a decrease in gross margin and an increase in accounts receivable. As a result, the Company claimed that it was in violation of a liquidity clause in its secured convertible notes, and that it may have to qualify its audit report with a “going concern” clause.
On this news, Proterra’s stock price fell $1.35, or 53.6%, to close at $1.17 per share on March 16, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company repeatedly stated the $523 million on their balance sheet meant the company had abundant liquidity and financial stability; (2) the new factory would continue to improve production efficiency and gross margins; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Proterra securities during the Class Period, you may move the Court no later than September 12, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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