Pomerantz says investors in iTonic class action may seek lead-plaintiff role
Pomerantz LLP says investors in iTonic Holdings, formerly Pheton Holdings, may seek lead-plaintiff status in a class action tied to alleged securities fraud.
Pomerantz LLP says a class action has been filed against iTonic Holdings Ltd, formerly Pheton Holdings Ltd, in federal court. Investors who bought or otherwise acquired the company’s securities during the class period may seek appointment as lead plaintiff by Sept. 28, 2026.
In a PR Newswire investor-alert release published Sept. 3, the firm said the complaint accuses the company and several related parties of securities fraud and other unlawful business practices. The release says the case is brought on behalf of purchasers or acquirers of Pheton’s Class A ordinary shares.
According to the release, the complaint also names certain officers and directors, auditor Marcum Asia CPAs LLP, and underwriters Cathay Securities, Inc. and Dominari Securities LLC. Pomerantz says the complaint alleges a pump-and-dump scheme. It also says promoters impersonating legitimate financial advisors pushed the shares with claims that included rumors that Gilead Sciences, Inc. would acquire the company.
The release says the alleged scheme unraveled on July 29, 2025, when Pheton’s stock price fell about 95% in one trading session. The investor alert does not say in the quoted material how the company, the auditor, the underwriters or the other named parties responded to the allegations.
Pomerantz’s notice says the case concerns purchases of iTonic securities under ticker NASDAQ: ITOC. It also provides contact information for investor inquiries, including a contact person named Danielle Peyton.
Investors who say they were harmed and want to ask the court to appoint them as lead plaintiff must do so by Sept. 28, 2026, according to the release.
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