iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. Class Action Lawsuit - ITOC

Company: iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd.

Ticker: (NASDAQ) ITOC

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Lead Plaintiff Deadline: September 29, 2026

Join the iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. Class Action Lawsuit

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,

I have not sought to serve nor have I served as a class representative in any federal securities fraud case.
I have sought to serve as a class representative in

6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1

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Class Period

Begins

Sep 2024

Ends

Jul 2025

September 05, 2024 - July 29, 2025

Allegations

The filed complaint alleges that iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. 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.

Eligibility

In order to be eligible to join the ITOC class action lawsuit, you must have incurred a loss on shares of iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd. during the relevant time frame, you have until September 29, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

iTonic Holdings Ltd. f/k/a Pheton Holdings Ltd.Class Action Lawsuit Details

Key Facts About iTonic Holdings Ltd (NASDAQ: ITOC)

● The Allegation: The complaint alleges that iTonic Holdings Ltd, formerly Pheton Holdings Ltd, was used in a market manipulation and pump-and-dump promotional scheme after its September 5, 2024 IPO. Plaintiffs claim defendants failed to disclose that social-media promoters posing as financial professionals were touting PTHL shares with fabricated claims about a Gilead Sciences acquisition or partnership.

● The Stock Drop: PTHL fell approximately 95% to close at approximately $1.65 per share on July 29, 2025, after The Bear Cave published a report warning of a pump-and-dump scheme and Nasdaq halted trading multiple times for volatility.

● Class Period & Defendants: The class period runs from September 5, 2024 through July 29, 2025, inclusive. Defendants are iTonic Holdings Ltd, Jianfei Zhang (founder, Chairman of the Board of Directors, and Chief Executive Officer), Zhixin Li (Chief Financial Officer), Pengfei Zhang (member of the Board of Directors and director of Beijing Feitian), Cathay Securities, Inc., Dominari Securities LLC, and Marcum Asia CPAs LLP.

● Lead Plaintiff Deadline: September 29, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.

iTonic Class Action Summary
Company	iTonic Holdings Ltd (NASDAQ: ITOC, formerly PTHL)
Lead Plaintiff Deadline	September 29, 2026
Class Period	September 5, 2024 - July 29, 2025
Stock Drop	July 29, 2025 - PTHL fell approximately 95% to approximately $1.65

Introduction

A securities class action lawsuit has been filed against iTonic Holdings Ltd, formerly Pheton Holdings Ltd. The case concerns investors who purchased PTHL securities from September 5, 2024 through July 29, 2025.

The complaint alleges defendants made materially false and misleading statements about the company and its trading activity. Plaintiffs claim the stock was promoted through social media using false Gilead Sciences rumors.

PTHL shares closed at $30.96 on July 28, 2025, then collapsed the next day. The stock ended July 29, 2025 at approximately $1.65 per share.

Company Profile

iTonic Holdings Ltd, formerly Pheton Holdings Ltd, is a Cayman Islands holding company whose business is conducted through Beijing Feitian Zhaoye Technology Co., Ltd. in China. The company purports to develop and market brachytherapy treatment planning software used in radiation treatment for cancer patients.

Class Period

September 5, 2024 – July 29, 2025

Investors who purchased or acquired PTHL securities during the Class Period may be eligible to seek recovery under federal securities laws.

Allegations

The complaint alleges that iTonic Holdings Ltd completed its IPO on September 5, 2024, selling 2,250,000 Class A ordinary shares at $4.00 per share for gross proceeds of $9,000,000. At the time, the company operated as Pheton Holdings Ltd and traded on the Nasdaq Capital Market under the ticker PTHL. Plaintiffs allege the offering had the profile of a foreign microcap IPO vulnerable to manipulation: a small public float, operations in China, and concentrated voting control.

According to the complaint, the IPO Prospectus described Beijing Feitian as a healthcare solution provider focused on brachytherapy treatment planning software, including its lead product FTTPS. The Prospectus also cited 2022 and 2023 revenue, gross profit, market share claims, purported product strengths, growth strategies, and the company's plans to use IPO proceeds for research and development, market expansion, internal control improvements, and liquidity.

Plaintiffs allege those statements were materially false and misleading because defendants failed to disclose that PTHL was the subject of a market manipulation and fraudulent promotion scheme involving social-media misinformation and impersonators posing as financial professionals. The complaint also claims the company's risk disclosures omitted the realized risk that market manipulation was being used to drive the share price, leaving investors exposed to extreme volatility and trading halts.

The alleged scheme intensified after PTHL filed an April 22, 2025 Form S-8 registering 2,800,000 Class A ordinary shares for issuance under the company's 2025 Equity Incentive Plan. The complaint states that the shares were issued on May 12, 2025 to unnamed independent consultants and service providers, and that trading volume rose sharply that day. Plaintiffs allege promoters later pushed PTHL through groups such as Blue Chip Investment Community, falsely claiming a coming Gilead Sciences partnership and projecting price targets of $70 to $75 per share.

The Truth Emerges

The complaint states that on the morning of July 29, 2025, The Bear Cave published a report titled "Problems at Pheton Holdings (PTHL)" and subtitled "Regulators should halt PTHL before U.S. investors lose millions." The report identified PTHL alongside other U.S.-listed Chinese microcap issuers that had allegedly experienced structurally similar pump-and-dump schemes tied to fabricated acquisition rumors.

After that report, Bloomberg News reported that PTHL shares, which had closed at $30.96 on July 28, 2025 and opened at $31.25 on July 29, suddenly fell 11% around 12:26 p.m. in New York and triggered a volatility halt. When trading resumed, the plunge reached 89% before another halt, and the stock was halted at least eight more times during the afternoon.

On August 1, 2025, the company furnished a Form 6-K attaching a press release addressing recent market activity and misleading rumors. Pheton stated that it had no contact with Gilead, that any statements suggesting otherwise were "entirely false and fabricated," and that it planned to engage with market makers, Nasdaq, and relevant regulatory bodies to hold responsible parties accountable.

Market Reaction

PTHL shares rose from the $4.00 IPO price to an all-time intraday high of $32.00 per share on July 28, 2025, despite what the complaint describes as no material corporate developments or legitimate business prospects to justify the surge. On July 29, 2025, following The Bear Cave report and repeated Nasdaq volatility halts, the shares collapsed approximately 95% to close at approximately $1.65 per share.

That closing price was approximately 58.75% below the $4.00 IPO offering price. The complaint also states that the company's market capitalization fell to $40.8 million from $765 million the prior trading day.

Next Steps

● Lead Plaintiff Deadline: September 29, 2026

● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

● Defendants may file a motion to dismiss.

● If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.