A proposed $1.7 million class action settlement to resolve claims that officials at Taronis Technologies Inc. issued a fake press release announcing a deal with the city of San Diego to artificially raise its stock price has received preliminary approval from a federal court in Arizona.
Taronis disclosed in a Securities and Exchange Commission filing and a press release in January 2019 that the city had reached a deal to use the company’s hydrogen-based fuel as its provider of choice.
The stock increased more than 25% as a result of the announcement, according to the complaint. However, the city requested...