The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. who purchased Securities between September 5, 2024 and July 29, 2025.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) PTHL was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (2) PTHL’s public statements and risk disclosures omitted any mention of intention to use fraudulent trading or the realized risk of market manipulation used to drive the Company’s stock price; (3) as a result, the Company’s securities were at unique risk of extreme price volatility and trading halts triggered by the manipulation scheme; (4) the auditor defendant and underwriter defendants had been involved with numerous foreign microcap public offerings that became targets of market manipulation schemes; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 29, 2026 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
