Philadelphia, Pennsylvania--(Newsfile Corp. - August 21, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Proterra Inc. ("Proterra") (NASDAQ: PTRA) on behalf of those who purchased Proterra securities between August 2, 2022 to March 15, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Proterra securities during the Class Period may, no later than September 12, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or visit: https://investigations.bergermontague.com/proterra/
Proterra designs and manufactures zero-emission electric transit vehicles and electric vehicle solutions for commercial applications.
According to the lawsuit, Proterra and the defendants consistently touted Proterra's strong financial position.
The truth was revealed on March 15, 2023 when Proterra released quarterly earnings for the fourth quarter of 2022 and reported a net loss of $81 million and a gross loss of $20.3 million in the fourth quarter of 2022. The company also announced 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. Finally, the company announced that it had obtained a limited waiver under its convertible notes for violating a minimum liquidity covenant.
Following this news, Proterra's stock price dropped from a March 15, 2023 closing price of $2.51 to a March 16, 2023 closing price of $1.16-a loss of $1.35 per share representing nearly 53% of its value.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding Proterra is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Wilmington, DE has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177856
