Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Proterra, Inc. (“Proterra” or the “Company”) ( PTRAQ) investors that a lawsuit filed on behalf of investors that purchased Proterra securities between August 2, 2022 through March 15, 2023, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Proterra is engaged in the development and production of electric transit vehicles and electric vehicle solutions with zero emissions.
On March 15, 2023, Proterra issued their quarterly earnings report for the fourth quarter of 2022 through a letter. The company disclosed a net loss of $81 million and a gross loss of $20.3 million for that quarter. They also mentioned that the audit report included in the 10-K annual report would likely contain a going concern qualification, which would be considered a default event under the company's debt agreements. Following this announcement, the price of Proterra shares experienced a decline of approximately 61.75%, or $1.34 per share, going from $2.51 per share to a closing price of $1.17 on March 16, 2023.
The lawsuit claims that during the Class Period, the defendants made false and/or misleading statements and failed to disclose certain information. Specifically, they allegedly misrepresented that the $523 million recorded on the company's balance sheet indicated strong financial stability and ample liquidity. Additionally, they purportedly failed to disclose that the new factory would enhance production efficiency and gross margins.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com
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