#United States #Class Action #San Jose #Settlement #ProTerra

Overview of Class Action Lawsuit Against Proterra Inc.

The class action lawsuit against Proterra Inc., a company involved in sustainable transportation, has reached a proposed settlement stage. The lawsuit, filed in the Northern District of California, revolves around allegations that Proterra made misleading statements in its Proxy/Registration Statement and during critical periods from August 11, 2021, to August 7, 2023, impacting shareholders who acquired shares during this time.

Background of the Case

Filed by Jeremy Villanueva, the complaint highlights several claims that Proterra's leadership provided inaccurate information regarding the company's business operations and financial health during its merger with ArcLight Clean Transition Corp. It suggests that this misinformation lead to significant losses for investors. The allegations include:

• - Misrepresentations about Proterra’s supply chain reliability.
• - False claims about the company's capacity for scaling its bus design processes.
• - Deliberate omission of critical issues facing Proterra's production abilities and labor-related costs.

Class Definition

The class defined by the court includes all persons and entities who purchased or acquired Proterra’s public shares pursuant to the Proxy/Registration Statement dated May 14, 2021, or acquired Proterra common stock within specified dates (August 11, 2021, to August 7, 2023). Excluded from the class are the defendants, their families, and certain other insiders or entities affiliated with Proterra.

Proposed Settlement Details

A forthcoming hearing on August 20, 2025, will address the approval of the proposed settlement amounting to $29 million. This settlement aims to compensate affected shareholders while the court will assess whether the allocation plan, attorney fees, and class representatives’ compensations are fair. The plaintiffs' legal team, Levi and Korsinsky, LLP, is advocating for the settlement, and shareholders are urged to submit claims to partake in the distribution of the settlement fund.

Effects on Shareholders

Shareholders who purchased Proterra's stock during the defined class period are encouraged to ensure they file a Proof of Claim by August 29, 2025, to claim their share of the settlement. If you do not file a claim and do not exclude yourself, you will be bound by the judgment in this case.

Conclusion

The settlement represents a significant opportunity for affected investors to receive compensation for their claims against Proterra. The settlement hearing will offer an essential forum for stakeholders to express any concerns or objections regarding the proposed terms. In light of ongoing legal proceedings, continued updates will be provided as they become available, and interested parties are advised to stay informed.

If you are affected and require further information, it is recommended to reach out to Levi and Korsinsky, LLP directly, or refer to the settlement website for comprehensive details concerning the filing of claims and the process for exclusion from the class.