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NEW YORK, Aug. 20, 2026 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) ("Pheton" or the "Company") (NASDAQ: ITOC). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Pheton and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 28, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Pheton securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
A Complaint has been filed on behalf of purchasers or acquirers of the Company's Class A ordinary shares, alleging that certain of the Company's officers and directors, its auditor (Marcum Asia CPAs LLP), and the underwriters of its initial public offering (Cathay Securities, Inc. and Dominari Securities LLC) orchestrated a "pump-and-dump" scheme to defraud investors in Pheton, in which promoters impersonating legitimate financial advisors touted the Company's shares with baseless claims, including fabricated rumors of an acquisition by Gilead Sciences, Inc.
The scheme collapsed on July 29, 2025, when Pheton's stock price fell approximately 95% in a single trading session.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
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