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Proposed $1.7 Million Taronis Stock Settlement Gets Early OK

Nov. 24, 2020, 5:51 PM

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...

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