Shareholders who lost money in shares of Pheton Holdings Ltd (NASDAQ: PTHL), now named iTonic Holdings Ltd. (NASDAQ: ITOC), should contact Wolf Haldenstein Immediately

Lead Plaintiff Deadline September 28, 2026

NEW YORK, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, a nationally recognized securities litigation law firm, reminds investors that a securities class action has been filed on behalf of all persons and entities that purchased or otherwise acquired Pheton Holdings Ltd (NASDAQ: PTHL), now named iTonic Holdings Ltd. (NASDAQ: ITOC) (“Pheton” or the “Company”) securities between September 5, 2024 and July 29, 2025, inclusive (the Class Period).

On January 13, 2026, the Company announced it was changing its name to iTonic Holdings Ltd. and changing its ticker symbol to ITOC, effective January 16, 2026.

PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION

Investors who purchased Pheton common stock during the class period and suffered losses may be eligible to participate in the case, with the lead plaintiff deadline set for September 28, 2026.

The filed complaint alleges that Pheton Holdings Ltd. was the subject of market manipulation and a fraudulent promotion scheme involving social-media misinformation and individuals impersonating financial professionals, and that the Company failed to adequately disclose risks associated with the alleged scheme.

The collapse of the Company's stock followed an artificial price surge created through fraudulent stock promotions conducted immediately after the Company's initial public offering ("IPO"). The Company's stock price increased from its IPO price of $4.00 to an all-time intraday high of $32.00 per share on July 28, 2025, despite the absence of any material corporate developments or legitimate business prospects to justify such an enormous spike.

Investigations and public reports have revealed the Company stock was utilized in a market manipulation and "pump-and-dump" promotional scheme, with impersonators claiming to be legitimate financial advisors touting the Company in online forums, chat groups, and social media posts with baseless claims to create a buying frenzy among retail investors. The promoters circulated fabricated rumors that Gilead Sciences, Inc. (NASDAQ: GILD) ("Gilead") was preparing to acquire or partner with the Company with a transaction date of August 6, 2025.

On July 29, 2025, at approximately 12:26 PM EDT, Pheton stock sank 11% and triggered a volatility halt. When trading resumed approximately 90 minutes later, the stock's plunge reached 89% before trading was halted again. As the day continued, Pheton resumed trading and was halted at least eight more times, as it extended its decline to 95%. The Company's shares ended the day at $1.65, with a market capitalization of $40.8 million, down from $765 million the prior trading day.

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This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

There is no cost or obligation to speak with an attorney.

Contact:

• Phone: (800) 575-0735 or (212) 545-4774
• Email: classmember@whafh.com
• Contact Person: Gregory Stone, Director of Case and Financial Analysis
  
  

Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP

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