New York, New York--(Newsfile Corp. - July 27, 2023) - Moore Kuehn, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Proterra Inc. ("Proterra") (NASDAQ: PTRA)
*please email fmoore@moorekuehn.com
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, 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 investigation involves allegations that Proterra and/or its officers or directors 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.
If you purchased or otherwise acquired PTRA, even minimal shares, have information, or would like to learn more about this investigation, please contact Fletcher Moore by email at fmoore@moorekuehn.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Moore Kuehn PLLC
Fletcher Moore, Esq.
(212) 709-8245
fmoore@moorekuehn.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175157
