NEW YORK, Aug. 26, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Proterra Inc. (“Proterra” or the “Company”) ( PTRAQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Proterra and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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. Proterra also disclosed that it expected that the audit report included in its 10-K annual report would include a going concern qualification, which would be an event of default under the Company’s debt agreements. Proterra further disclosed that it had obtained a limited waiver under its convertible notes for violating a minimum liquidity covenant.
On this news, Proterra’s stock price fell $1.35 per share, or 53.59%, to close at $1.17 per share on March 16, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
