NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Proterra, Inc. (“Proterra” or the “Company”) (NASDAQ: PTRA) securities during the period from August 2, 2022 through March 15, 2023 (the “Class Period”). Investors have until September 12, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Proterra designs and manufactures zero-emission electric transit vehicles and electric vehicle solutions for commercial applications.
On March 15, 2023, Proterra released quarterly earnings for the fourth quarter of 2022 in a quarterly letter. The Company announced a net loss of $81 million and a gross loss of $20.3 million in the fourth quarter of 2022 and that it expected the audit report included in the 10-K annual report would contain a going concern qualification, which would be an event of default under Company debt agreements. On this news, the price of Proterra shares declined by $1.34 per share, or approximately 61.75%, from $2.51 per share to close at $1.17 on March 16, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Company repeatedly stated the $523 million on their balance sheet meant the Company had abundant liquidity and financial stability; and (ii) the new factory would continue to improve production efficiency and gross margins.
If you purchased or otherwise acquired Proterra securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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