Proterra, Inc. (NASDAQ: PTRA)

This lawsuit is for anyone who acquired securities in Proterra, Inc. (NASDAQ: PTRA) from August 11, 2021 through August 7, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors that the Company was burning through cash because of decreasing profit margins and that the burn through was threatening the Company’s existence.

On March 15, 2023, Proterra announced its 2022 financial results. The Company disclosed that, due to an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable, the Company was 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.  On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Nevertheless, the Company continued to conceal the depth of its financial condition and on August 7, 2023, after market hours, Proterra announced it had filed for bankruptcy. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Proterra, Inc. (NASDAQ: PTRA) from August 11, 2021 through August 7, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.