Wolf Haldenstein Adler Freeman & Herz LLP said investors who purchased or otherwise acquired Pheton Holdings Ltd securities between Sept. 5, 2024 and July 29, 2025 may be eligible to participate in a securities class action, with a lead plaintiff deadline of Sept. 28, 2026. Pheton, now named iTonic Holdings Ltd. and trading under Nasdaq ticker ITOC, announced the name and ticker change on Jan. 13, 2026, effective Jan. 16, 2026. The complaint alleges the company was caught up in market manipulation and a fraudulent promotion scheme that used social-media misinformation and people impersonating financial professionals, while the company failed to adequately disclose risks tied to the alleged activity. The filing says the stock surged from its $4.00 IPO price to an intraday high of $32.00 on July 28, 2025 without material corporate developments or legitimate business prospects to support the move, before collapsing the next day. The complaint also points to fabricated rumors that Gilead Sciences, Inc. was preparing to acquire or partner with the company. On July 29, 2025, Pheton shares fell 11% at about 12:26 p.m. EDT, triggering a volatility halt, and after trading resumed about 90 minutes later the plunge deepened to 89%. The stock was halted at least eight more times that day, ended down 95% at $1.65, and the company’s market capitalization dropped to $40.8 million from $765 million a day earlier.