NEW YORK, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP alerts investors in iTonic Holdings Ltd, f/k/a Pheton Holdings Ltd (NASDAQ: ITOC, PTHL) that a securities class action has been filed on behalf of shareholders who purchased securities between September 5, 2024 and July 29, 2025. Submit your information now. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

iTonic shares reached an intraday high of $32.00 on July 28, 2025, then closed at approximately $1.65 on July 29, 2025. The IPO price eleven months earlier was $4.00 per share. The lead plaintiff deadline is September 29, 2026.

The Trading Session That Erased the Run-Up

The collapse followed multiple intraday volatility halts imposed by the NASDAQ Stock Market. The complaint contends that the price surge preceding those halts occurred without any material corporate development or business result capable of supporting an eight-fold move from the offering price. Reported total revenue was $628,591 for fiscal 2023, down from $679,777 in fiscal 2022.

What the Market Was Allegedly Reacting To

According to the complaint, promoters posing as financial professionals touted the shares across online forums, chat groups, and social media, circulating fabricated rumors that Gilead Sciences, Inc. was preparing an acquisition or partnership with a transaction date of August 6, 2025. On August 1, 2025, the Company issued a press release stating that its share price had been "influenced" by "false rumors" and that it had "no contact with Gilead, and any statements or reports suggesting otherwise were and are entirely false and fabricated."

Market Impact Points Alleged in the Action

• Intraday high of $32.00 on July 28, 2025 against a September 2024 IPO price of $4.00 per share
• Closing price of approximately $1.65 on July 29, 2025
• Multiple NASDAQ volatility halts during the July 29, 2025 session
• IPO gross proceeds of $9,000,000 from 2,250,000 Class A ordinary shares
• Risk disclosures that, as alleged, described volatility generically without warning of the realized manipulation risk
• Two disclosed material weaknesses in internal control over financial reporting

"A near-total single-session decline in a recently listed microcap raises serious questions about what investors were told regarding manipulation risk. The complaint alleges that the disclosures accompanying this offering did not address the specific danger that later materialized." -- Joseph E. Levi, Esq.

Find out if you might qualify to recover losses or call (212) 363-7500.

ABOUT THE FIRM — For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Investors who suffered losses have until September 29, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the iTonic Lawsuit

Q: How much did iTonic stock drop? A: Shares fell approximately 95%, a decline of roughly $29.31 per share, closing at approximately $1.65 on July 29, 2025. Investors who purchased during the Class Period at allegedly inflated prices and suffered losses may be eligible to seek compensation.

Q: When did iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) allegedly mislead investors? A: The Class Period runs from September 5, 2024 to July 29, 2025.

Q: Who are the defendants named in the iTonic lawsuit? A: The complaint names the Company and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley, along with the offering's auditor and underwriters.

Q: What do iTonic investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my iTonic shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to contact the firm. Securities class actions are generally handled on a pure contingency basis. No upfront fees, no retainer, and no out-of-pocket costs. Any attorneys' fees and expenses awarded to class counsel are subject to court approval.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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