LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Proterra Inc. (“Proterra” or the “Company”) (NASDAQ: PTRA) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On March 15, 2023, Proterra announced its 2022 financial results. The Company disclosed that, due to an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable, the Company was 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.
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.
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If you purchased Proterra securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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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