Investors Target iTonic Holdings Over Alleged Pump-and-Dump Scheme

The complaint alleges that Pheton’s officers, alongside auditor Marcum Asia CPAs LLP and underwriters Cathay Securities and Dominari Securities, facilitated a fraudulent pump-and-dump operation. According to the court filing, promoters posed as legitimate financial advisors to circulate baseless claims, including fabricated rumors suggesting an acquisition by Gilead Sciences, Inc.

The deception unraveled on July 29, 2025, when the company's stock plummeted approximately 95% in a single trading session. Pomerantz LLP, representing the affected shareholders, is now soliciting inquiries from those who acquired Class A ordinary shares during the specified class period. Interested parties are directed to contact Danielle Peyton at the firm to provide purchase details and participate in the legal proceedings.