Class Action Lawsuit Filed Against iTonic Holdings Ltd Over Alleged Securities Fraud
A class action lawsuit has been filed against iTonic Holdings Ltd (formerly Pheton Holdings Ltd) and certain officers, directors, auditors, and underwriters. The suit alleges a 'pump-and-dump' scheme involving false claims to inflate the stock price before it collapsed by 95% on July 29, 2025. The lawsuit is being led by Pomerantz LLP, which specializes in securities fraud litigation. Investors who purchased Pheton's Class A ordinary shares during a specified period are encouraged to contact the firm and may have until September 28, 2026, to seek appointment as Lead Plaintiff for the class. The case highlights concerns over corporate misconduct and potential violations of fiduciary duties by key stakeholders. The lawsuit could lead to significant legal consequences and financial implications for those involved.
Tickers: $GILD
Topics: class action pump-and-dump scheme securities fraud stock price collapse