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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of February 26, 2021, by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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November 23, 2020 - The court preliminarily approved the settlement.
September 24, 2020 - A stipulation and agreement of settlement was entered by the parties.
April 8, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.
October 14, 2019 - A motion to dismiss the amended complaint was filed.
August 30, 2019 - An amended complaint was filed.
June 21, 2019 - The case was transferred to the U.S. District Court for the District of Arizona.
April 15, 2019 - An investor in shares of Taronis Technologies, Inc. (NASDAQ: TRNX) filed a lawsuit in the U.S. District Court for the Middle District of Florida over alleged violations of Federal Securities Laws by Taronis Technologies, Inc., /k/a MagneGas Applied Technology, in connection with certain allegedly false and misleading statements made between January 28, 2019 and February 12, 2019.
Clearwater, FL based Taronis Technologies, Inc., f/k/a MagneGas Applied Technology, an alternative energy company, creates and produces hydrogen based fuel through the gasification of liquid and liquid waste in the United States and internationally.
On January 28, 2019 Taronis Technologies, Inc. announced that the City of San Diego (CA) had elected to use its process known as MagneGas as its metal cutting fuel of choice, marking the first major city contract for the adoption of this technology. Shares of Taronis Technologies, Inc. (NASDAQ: TRNX) traded on January 31, 2019 as high as $5.89 per share.
On February 12, 2019, Taronis Technologies, Inc. issued a Form with the SEC noting that the “Company has determined that it is necessary to correct its prior disclosure . . . The Company treats purchase orders as contracts and made its prior disclosure with that treatment in view, however, the Company does not have any formal binding contracts, agreements or long−term purchase commitments with the City of San Diego beyond the existing approval, nor any commitment that any of the Company’s products will be purchased as the products of choice for their respective applications.” Shares of Taronis Technologies, Inc. (NASDAQ: TRNX) declined to as low as $0.53 per share on March 1, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Taronis Technologies, Inc. (NASDAQ: TRNX) common shares between January 28, 2019 and February 12, 2019, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between January 28, 2019 and February 12, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Taronis Technologies, Inc. did not have a contract with the City of San Diego, that Taronis Technologies, Inc. or its management had engaged in a scheme to defraud, and that, as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.