The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion For an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
Please also be advised that Lead Plaintiff Cyress Jam and additional Plaintiffs Jeremy Villanueva, Tanya Tirado, Luong Du, William E. Zinn, and Raymond H. Quick (collectively, “Plaintiffs”), on behalf of themselves and the class (as defined in paragraph 3 of the Notice), have reached a settlement of the Action for $29,000,000 that will resolve all claims in the Action (the “settlement”).
The Settlement Class consists of:
All who purchased or otherwise acquired public shares in Proterra Inc. (“Proterra”) pursuant and/or traceable to the proxy/registration statement dated May 14, 2021 relating to Proterra’s business combination with ArcLight Clean Transition Corp.; and/or (2) purchased or otherwise acquired Proterra common stock between August 11, 2021 and August 7, 2023, both dates inclusive.
Excluded from the Class are: (a) Defendants and their immediate families; (b) former directors of Proterra or ArcLight Clean Transition Corp.; and (c) any entity controlled, majority-owned or wholly owned, or affiliated with any of the above. Also excluded from the Class will be any Person and entities who or which submit a request for exclusion from the Settlement Class that is accepted by the Court. For the avoidance of doubt, “affiliates” are persons or entities that are controlled by or are under common control with one or more of the Defendants.
If you are a member of the Settlement Class, your legal rights will be affected whether you act or do not act. Please read the Notice to fully understand your rights and options.
If you are a Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement Fund, you are required to submit the Claim Form that is available online via this website or which can be mailed to you upon request to the Claims Administrator, and the required supporting documentation as set forth therein, online or postmarked no later than August 29, 2025.
If the Court approves the Settlement and a Plan of Allocation, then payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing. Please be patient, as this process can take some time to complete
If you have questions, you may call the Proterra Inc. Securities Litigation Helpline at (866) 545-1007
or email info@ProterraSecuritiesSettlement.com.
PLEASE READ THE NOTICE CAREFULLY.
| Description | Due Date | |
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SUBMIT A CLAIM FORM BY AUGUST 29, 2025 |
The only way to get a payment. See Question 8 of the Notice for details. |
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EXCLUDE YOURSELF FROM THE CLASS BY JULY 1, 2025 |
Get no payment. This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against the Defendants or the other Released Defendants’ Parties concerning the Released Plaintiffs’ Claims. See Question 11 of the Notice for details. |
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OBJECT BY JULY 1, 2025 |
Write to the Court about why you do not like the Settlement, the Plan of Allocation, or the attorneys’ fee and expense application. If you object, you will still be a member of the Class. See Question 16 of the Notice for details. |
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GO TO A HEARING ON AUGUST 20, 2025 AND FILE A NOTICE OF INTENTION TO APPEAR BY JULY 15, 2025 |
Class Members may be permitted to appear and speak to the Court if they submit a written objection. See Question 19 of the Notice for details. |
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DO NOTHING |
Get no payment AND give up your rights to bring your own individual action. |