Bronstein, Gewirtz & Grossman, LLC has announced a securities class action against iTonic Holdings Ltd., formerly Pheton Holdings Ltd. (NASDAQ: ITOC; previously PTHL), and certain officers on behalf of investors who purchased iTonic Class A ordinary shares between September 5, 2024 and July 29, 2025. The complaint alleges defendants made materially false and misleading statements and failed to disclose that the company was the subject of an alleged market manipulation and fraudulent promotion scheme involving social media misinformation and impersonation of financial professionals, that risk disclosures omitted the artificial inflation of its securities, that shares faced heightened risk of extreme volatility and trading halts, and that its auditor and underwriters had participated in foreign microcap offerings later tied to similar schemes. Investors who suffered losses have until September 29, 2026 to seek lead plaintiff appointment; representation is offered on contingency and serving as lead plaintiff is not required to share in any recovery.