Bragar Eagel & Squire, P.C. announced that a securities class action has been filed against iTonic Holdings Ltd., formerly Pheton Holdings Ltd., in the U.S. District Court for the Southern District of New York. The case covers investors who purchased or acquired PTHL securities between September 5, 2024, and July 29, 2025, inclusive. The complaint alleges that defendants failed to disclose a market-manipulation and fraudulent-promotion scheme involving social-media misinformation and impersonators posing as financial professionals, as well as risks associated with trading halts and extreme volatility. Investors have until September 28, 2026, to ask the court to appoint them as lead plaintiff. The firm says affected investors, long-term stockholders and people with relevant information can contact Brandon Walker or Melissa Fortunato at no cost or obligation.