MagneGas Responds To Seeking Alpha Article, Says It Contains 'Materially False And Misleading Information'

Shares of MagneGas Corporation (NASDAQ: MNGA) lost more than 30 percent early Monday afternoon after an anonymous author dubbed ‘The Pump Stopper' published a scathing report on Seeking Alpha earlier in the day.

Related Link: MagneGas' Shares Tumble: Here's Why

MagneGas released an 8-K filing on Monday afternoon, noting that the "article posted on a financial website" contains "multiple instances of materially false and misleading information." The company also pointed out that the author of the report remains anonymous with no contact details, but does clearly state that the author is a short seller.

Finally, MagneGas said that it is prepared to explore "all available legal options."

MagneGas traded recently at $1.52, down 19 percent.