Pomerantz LLP announced a class action lawsuit against iTonic Holdings Ltd, formerly Pheton Holdings Ltd, and certain officers and directors over alleged securities fraud and other unlawful business practices. The complaint alleges that company officers and directors, auditor Marcum Asia CPAs LLP, and initial public offering underwriters Cathay Securities, Inc. and Dominari Securities LLC orchestrated a pump-and-dump scheme involving promoters who impersonated legitimate financial advisers. The promoters allegedly touted iTonic shares with baseless claims, including fabricated rumors that Gilead Sciences, Inc. would acquire the company. The alleged scheme collapsed on July 29, 2025, when iTonic shares fell approximately 95% in a single trading session. The case concerns purchasers or acquirers of the company’s Class A ordinary shares, who have until September 28, 2026, to ask the court to appoint them as Lead Plaintiff.