A class action lawsuit has been filed against iTonic Holdings Ltd (formerly Pheton Holdings Ltd) alleging securities fraud and a pump-and-dump scheme involving company officers, its auditor, and IPO underwriters. The lawsuit claims promoters spread false rumors, including a fake acquisition by Gilead Sciences, causing the stock price to collapse by about 95% in one day on July 29, 2025. Investors who bought shares during the class period can seek lead plaintiff status by September 28, 2026. The case highlights risks of fraudulent practices in stock promotions and may lead to financial recoveries for affected investors.
The class action lawsuit against iTonic Holdings Ltd is notable for investors tracking related market risks. For readers following Financials-sector stocks, here is Pluang's market snapshot as of Sep 17, 2026 20:41 WIB: out of 74 priced US Financials stocks, 56 rose and 17 fell today. Key movers include AVAT at USD 0.93 with a 1-day change of +3.93%, KKR at USD 99.60 with +2.85%, and CG at USD 40.97 with +2.40%.
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