BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Proterra Inc. (“Proterra” or the “Company”) (NASDAQ: PTRA) investors concerning the Company’s possible violations of federal securities laws.
On March 15, 2023, Proterra announced its 2022 financial results. The Company disclosed that it saw an increase in cash burn due to a decrease in gross margin and an increase in accounts receivable. As a result, the Company claimed that it was in violation of a liquidity clause in its secured convertible notes, and that it may have to qualify its audit report with a “going concern” clause.
On this news, Proterra’s stock price fell $1.35, or 53.6%, to close at $1.17 per share on March 16, 2023, thereby injuring investors.
If you purchased Proterra securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
