Did You Lose Money Investing in iTonic Holdings Ltd.? Robbins LLP Urges Investors With Significant Losses to Contact the Firm for Information About Their Rights Against ITOC

Filed 1w ago · Via prnewswire.com · The Buffoon Desk

THIS STORY IS SCORED

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Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Jorge Royan · CC BY-SA 3.0 · via Wikimedia Commons

Robbins LLP has filed a securities class action on behalf of investors who bought Pheton Holdings Ltd. (later renamed iTonic Holdings Ltd., ticker ITOC) between September 5, 2024 and July 29, 2025. The suit alleges the company was the target of a pump-and-dump scheme involving social media impersonators posing as financial professionals, who spread fabricated rumors of a Gilead Sciences acquisition.

The stock rose from its $4.00 IPO price to an intraday high of $32.00 on July 28, 2025, with no disclosed business developments to justify it. The next day it sank 11%, triggered repeated volatility halts, and ultimately closed down 95% at $1.65, wiping out roughly $724 million in market capitalization in a single session.

The lawsuit claims the company and other defendants failed to disclose the risks of this manipulation, and that its auditor and underwriters had prior links to other foreign microcap offerings targeted by similar schemes. The deadline to seek lead plaintiff status is September 28, 2026.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

A company can change its name, but it can't rename its way out of a stock chart that looks like a cliff-diving competition. If your IPO's biggest catalyst was anonymous strangers in chat rooms pretending to be analysts, the surprise isn't the 95% crash — it's that anyone thought $32 was the honest price to begin with.

Source: Read the original at prnewswire.com → Scored: Marty Gots a Plan · Kevin MacLeod · CC BY 4.0

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