NEW YORK, July 14, 2023 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Proterra Inc. (“Proterra” or the “Company”) (NASDAQ: PTRA) between August 2, 2022 to March 15, 2023, inclusive. You are hereby notified that the class action lawsuit Jeremy Villanueva v. Proterra Inc., et al (Case No. 3:23-cv-03519) has been commenced in the United States District Court for the Northern District of California. To get more information go to:

https://zlk.com/pslra-1/proterra-lawsuit-submission-form

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.

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.

If you suffered a loss in Proterra securities, you have until September 12, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our 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.

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

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