San Diego, California--(Newsfile Corp. - July 31, 2026) - The law firm of Morris Kandinov LLP announces the filing of a class action lawsuit on behalf of shareholders of iTonic Holdings Ltd f/k/a Pheton Holdings Ltd (NASDAQ: ITOC) (the "Company") in the Southern District of New York, captioned Jean-Claude Moustacakis, et al. v. iTonic Holdings Ltd, et al., No. 26-cv-6484 (the "PTHL Action"). The Company previously was known as Pheton Holdings Ltd and traded under the symbol PTHL.

Purchasers or acquirers of the Company's Class A ordinary shares between September 5, 2024 and July 29, 2025, both dates inclusive (the "Class Period"), have until September 29, 2026 to seek appointment as lead plaintiff in the PTHL Action.

The PTHL Action charges certain of the Company's officers and directors, its auditor (Marcum Asia CPAs LLP), and the underwriters of its initial public offering (Cathay Securities, Inc. and Dominari Securities LLC) with, among other things, violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The PTHL Action alleges, among other things, that the defendants orchestrated a "pump-and-dump" scheme to defraud investors in PTHL, in which promoters impersonating legitimate financial advisors touted the Company's shares with baseless claims, including fabricated rumors of an acquisition by Gilead Sciences, Inc. The scheme collapsed on July 29, 2025, when PTHL's share price fell approximately 95% in a single trading session.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired PTHL Class A ordinary shares during the Class Period to seek appointment as lead plaintiff of the putative class in the PTHL Action. Investors are not required to seek appointment as lead plaintiff in order to share in a future recovery obtained in the PTHL Action. As of the date of this release, the plaintiffs in the PTHL Action intend to apply to the court for appointment as lead plaintiffs as well as the appointment of Morris Kandinov LLP as lead counsel.

To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Morris Kandinov LLP is a national law firm that represents individual and institutional investors in cases involving fraud and fiduciary misconduct. For further information, contact:

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Source: Morris Kandinov LLP