SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Proterra Inc. (NASDAQ: PTRA) securities between August 2, 2022 and March 15, 2023, inclusive (the “Class Period”) have until September 12, 2023 to seek appointment as lead plaintiff in the Proterra class action lawsuit. Captioned Villanueva v. Proterra Inc., No. 23-cv-03519 (N.D. Cal.), the Proterra class action lawsuit charges Proterra and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Proterra class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Proterra designs and manufactures zero-emission electric transit vehicles and electric vehicle solutions for commercial applications. On August 2, 2022, Proterra’s Chief Financial Officer, defendant Karina Franco Padilla, described Proterra’s strong financial position and stated that “we have . . . the balance sheet to . . . ride out potential economic turbulence over the next year.”
The Proterra class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Proterra repeatedly stated the $523 million of cash on its balance sheet meant Proterra had abundant liquidity and financial stability; and (ii) Proterra’s new Greer, South Carolina factory would continue to improve production efficiency and gross margins.
On March 15, 2023, Proterra announced it had a net loss of $81 million and a gross loss of $20.3 million for the fourth quarter of 2022. Proterra also disclosed it expected the audit report to be included in its Form 10-K annual report would contain a going concern qualification, which would be an event of default under Proterra’s debt agreements. Finally, Proterra disclosed it had obtained a limited waiver under its convertible notes for violating a minimum liquidity event. On this news, the price of Proterra stock fell more than 53%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Proterra securities during the Class Period to seek appointment as lead plaintiff in the Proterra class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Proterra class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Proterra class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Proterra class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.