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.