Levi & Korsinsky, LLP has notified investors in iTonic Holdings Ltd, formerly Pheton Holdings Ltd, of a securities class action covering purchases from September 5, 2024, through July 29, 2025. The complaint alleges that iTonic shares were promoted through online forums, chat groups, and social media as part of a pump-and-dump manipulation scheme involving fabricated claims that Gilead Sciences, Inc. planned to acquire or partner with the company. Shares rose from the September 2024 IPO price of $4.00 to an intraday high of $32.00 on July 28, 2025, before falling nearly 95% to approximately $1.65 the following day after multiple NASDAQ volatility halts. iTonic said on August 1, 2025, that false Gilead acquisition rumors had influenced its share price and that it had no contact with Gilead. The complaint also cites 2022 and 2023 revenue of $679,777 and $628,591, respectively, $9 million in IPO proceeds from 2.25 million Class A ordinary shares, allegedly inadequate manipulation-risk disclosures, and two material weaknesses in internal control over financial reporting. Investors have until September 29, 2026, to seek appointment as lead plaintiff.