ITOC, PTHL Shareholder Alert: September 29, 2026 Lead Plaintiff Deadline in iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) Securities Class Action - Contact SueWallSt

A securities class action alleges iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) marketed itself as China's leading brachytherapy software provider with a 60.2% market share, while generating under $630,000 in annual revenue — before shares spiked to $32.00 on allegedly fabricated Gilead acquisition rumors and subsequently collapsed roughly 95%

NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) -- SueWallSt highlights the contrast between iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) (NASDAQ: ITOC, PTHL) representations and what investors later experienced, and notifies purchasers of iTonic securities between September 5, 2024 and July 29, 2025 that a securities class action has been filed. Find out if you could qualify to recover your losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

iTonic priced its IPO at $4.00 per share for gross proceeds of $9,000,000. Shares closed at an all-time high of $30.96 on July 28, 2025, then closed at approximately $1.65 on July 29, 2025, a decline of roughly $29.31 per share, or approximately 95%.

The Promise

The September 2024 offering documents described the operating subsidiary's flagship treatment planning software as "technologically advanced" with "a wide range of clinical indications," reported a "market share of 60.2% based on the total number of brachytherapy TPS used in Chinese hospitals," and stated that "our proprietary design concept cannot be easily replicated without years of research and experience." A projected $320.7 million China TPS market by 2026 was cited.

The Reality

Results revealed a business of modest scale. Total revenue was $679,777 in 2022 and $628,591 in 2023, a year-over-year decline, with gross margin falling from 82.11% to 74.90%. The offering documents also acknowledged two material weaknesses in internal control over financial reporting. The complaint alleges the run to $32.00 occurred "despite the absence of any material corporate developments or legitimate business prospects to justify such an enormous spike," and was driven instead by promotional activity circulating fabricated rumors of a Gilead Sciences transaction. On August 1, 2025, the Company stated its share price had been "influenced" by "false rumors" and that it had "no contact with Gilead."

Promise vs. Actual: By the Numbers

• Cited market opportunity: $320.7 million by 2026 | Actual 2022-to-2023 revenue change: down from $679,777
• Stated gross margin trend | Actual: declined from 82.11% to 74.90%
• IPO price: $4.00 per share | Peak: $32.00 on July 28, 2025 | Close July 29, 2025: approximately $1.65
• Internal controls: two identified material weaknesses disclosed at IPO

"Companies that present themselves to the investing public as dominant in their market have an obligation to disclose known risks to that narrative. The gap alleged here between reported revenue of roughly $628,000 and a $32.00 share price is central to this case." -- Joseph E. Levi, Esq.

LEAD PLAINTIFF DEADLINE: September 29, 2026

Submit your information here or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the iTonic Lawsuit

Q: What specific misstatements does the iTonic lawsuit allege? A: The complaint alleges iTonic Holdings Ltd (f/k/a Pheton Holdings Ltd) made materially false or misleading statements and omissions regarding its business prospects and failed to disclose the specific risk that its shares were the target of a market manipulation and fraudulent promotion scheme. When the artificial price surge collapsed following multiple NASDAQ volatility halts, the stock price declined sharply.

Q: How much did iTonic stock drop? A: Shares fell approximately 95%, a decline of roughly $29.31 per share, closing at approximately $1.65 on July 29, 2025. Investors who purchased during the Class Period at allegedly inflated prices and suffered losses may be eligible to seek compensation.

Q: Who are the defendants named in the iTonic lawsuit? A: The complaint names the Company and individual defendants including senior executives and a director who signed SEC filings or certified disclosures, as well as the Company's auditor and IPO underwriters.

Q: What is the iTonic lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is September 29, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: What do iTonic investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Contact SueWallSt, a brand of Levi & Korsinsky LLP, for a no-cost, no-obligation case evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my iTonic shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@SueWallSt.com

Tel: (888) SueWallSt

Fax: (212) 363-7171

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