PTRA - MOORE KUEHN ENCOURAGES PROTERRA INC. INVESTORS TO CONTACT LAW FIRM

PR Newswire

NEW YORK , July 19, 2023 /PRNewswire/ -- 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

SOURCE Moore Kuehn, PLLC