SHAREHOLDER ALERT: Potential Recovery for Proterra Inc. (PTRA) Investors Affected by Stock Drop – Levi & Korsinsky Pursuing Class Action Lawsuit

NEW YORK, NY / ACCESSWIRE / August 30, 2023 / If you suffered a loss on your Proterra Inc. (NASDAQ:PTRA) investment and want to learn about a potential recovery under the federal securities laws, follow the link below for more information:

https://zlk.com/pslra-1/proterra-lawsuit-submission-form?prid=45640&wire=1

or contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or call (212) 363-7500 to speak to our team of experienced shareholder advocates.

THE LAWSUIT: A class action securities lawsuit was filed against Proterra Inc. that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between August 2, 2022 and March 15, 2023.

CASE DETAILS: According to the filed complaint, on March 15, 2023, Proterra announced their quarterly earnings. In that announcement, the Company stated they were in violation of a liquidity clause in their secured convertible notes and that they may have to qualify an audit report with a "going concern" clause. The financial issues stemmed from an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable during the relevant quarter. In response to the announcement, Proterra's stock price substantially dropped from $2.51 per share to $1.16 per share, eliminating approximately $118 million in market capitalization in one day. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company repeatedly stated the $523 on their balance sheet meant the company had abundant liquidity and financial stability; and, (ii) the new factory in Greer, South Carolina would continue to improve production efficiency and gross margins.

WHAT'S NEXT? If you suffered a loss in Proterra stock during the relevant time frame - even if you still hold your shares - go to https://zlk.com/pslra-1/proterra-lawsuit-submission-form?prid=45640&wire=1 to learn about your rights to seek a recovery. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/

SOURCE: Levi & Korsinsky, LLP

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