The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Taronis Technologies Inc. (“Taronis” or the “Company”) (NASDAQ: TRNX) concerning whether the board breached its fiduciary duties to shareholders.
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On January 28, 2019, Taronis 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.
But on February 12, 2019, Taronis had to correct this statement, noting that the “Company has determined that it is necessary to correct its prior disclosure . . . The Company treats purchase orders as contracts and made its prior disclosure with that treatment in view, however, 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, the shares of Taronis closed at $0.92 per share, down 84% from its post-announcement high reached on January 31, 2019.
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If you own Taronis shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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