Class Action Lawsuit Filed Against iTonic Holdings
Pomerantz LLP has filed a class action lawsuit against iTonic Holdings Ltd (formerly Pheton Holdings Ltd), alleging securities fraud and a "pump and dump" scheme.
New York – September 24, 2026 – The law firm Pomerantz LLP has filed a class action lawsuit against iTonic Holdings Ltd (formerly Pheton Holdings Ltd). The lawsuit alleges that the company and certain of its officers have engaged in securities fraud or other unlawful business practices.
The complaint claims that iTonic Holdings' officers and directors, auditor Marcum Asia CPAs LLP, and initial public offering underwriters Cathay Securities, Inc. and Dominari Securities LLC orchestrated a "pump and dump" scheme to defraud investors. Promoters, impersonating legitimate financial advisors, allegedly touted the company's shares with baseless claims, including fabricated rumors of an acquisition by Gilead Sciences, Inc.
The scheme reportedly collapsed on July 29, 2025, when iTonic Holdings' stock price fell approximately 95% in a single trading session. Investors who purchased or acquired Pheton securities during the defined class period are advised to contact Pomerantz LLP by September 28, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is a prominent firm specializing in corporate and securities litigation. The firm aims to protect investors' rights in cases of securities fraud and corporate misconduct.