NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of those who acquired Taronis Technologies, Inc. (“Taronis” or the “Company”) (NASDAQ: TRNX) securities during the period from January 28, 2019 to February 12, 2019 (the “Class Period”). Investors have until June 14, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Taronis made false and/or misleading statements and/or failed to disclose that: (i) the Company did not have a contract with the City of San Diego; and (ii) the Company or its management had engaged in a scheme to defraud.
On January 28, 2019, the Company announced that the City of San Diego 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. On this news, the Company’s stock increased over 25% in the following days, reaching an intraday high of $5.89 per share on January 31, 2019.
The Company subsequently retracted its prior announcement about the contract with the City of San Diego. On February 12, 2019, the Company issued a Form 8-K “correct[ing] its prior disclosure” and stating that “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.” On this date, shares of Taronis closed at $0.92 per share, down 84% from its post-announcement high reached on January 31, 2019.
If you acquired Taronis securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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