On or around 11/23/2020 (Settlement preliminarily approval)
Filing Date: April 15, 2019
According to the Complaint, Taronis purportedly operates as an energy company that offers technology solutions to create, process, and produce hydrogen-based fuel through the gasification of carb-rich liquids. Taronis formerly operated under the name of MagneGas Applied Technology Solutions, Inc.
The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company did not have a contract with the City of San Diego; (2) the Company or its management had engaged in a scheme to defraud; and (3) that, as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On June 21, 2019, the case was transferred to the District of Arizona under Docket 19-CV-04529.
On July 10, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 30. Defendants filed a Motion to Dismiss the amended Complaint on October 14. On April 8, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. On June 10, the parties voluntarily dismissed the Company Issuer. On August 11, the parties notified the Court that they had reached a Settlement in principle. On September 24, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on November 23.
Company & Securities Information
Defendant: Taronis Technologies Inc.
Industry: Alternative Energy
Headquarters: United States
Ticker Symbol: TRNX
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Chad Hatten, et al. v. Taronis Technologies Inc, et al.