A securities class action has been filed against iTonic Holdings Ltd (ITOC) on behalf of all persons and entities that purchased or otherwise acquired iTonic securities between September 5, 2024 through July 29, 2025. This case has been filed in the USDC – SDNY.
This Action arises from the sudden collapse of the Company’s stock on July 29, 2025, which followed an artificial price surge created through fraudulent stock promotions conducted in the months following the Company’s initial public offering (“IPO”). The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of the trading activity in the securities. Specifically, Defendants failed to disclose to investors that: (1) PTHL was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (2) PTHL’s public statements and risk disclosures omitted any mention of intention to use fraudulent trading or the realized risk of market manipulation used to drive the Company’s stock price; (3) as a result, the Company’s securities were at unique risk of extreme price volatility and trading halts triggered by the manipulation scheme; (4) the Auditor Defendant and Underwriter Defendants had been involved with numerous foreign microcap public offerings that became targets of market manipulation schemes; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.