ATLANTA, GA – – (Globe Newswire – August 5, 2026) – – A shareholder class action lawsuit has been filed against iTonic Holdings Ltd. (“iTonic” or “PTHL”) f/k/a Pheton Holdings Ltd. (NASDAQ: PTHL, ITOC). The lawsuit alleges that Defendants made materially false and/or misleading statements and/or failed to disclose 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 iTonic’s stock price; (3) as a result, PTHL’s securities were at unique risk of extreme price volatility and trading halts triggered by the manipulation scheme; and (4) the Auditor Defendant and Underwriter Defendants had been involved with numerous foreign microcap public offerings that became targets of market manipulation schemes.

If you purchased iTonic shares between September 5, 2024 and July 29, 2025, and experienced a loss on that investment, you are encouraged to discuss your legal rights by contacting Corey D. Holzer, Esq. at cholzer@holzerlaw.com, by toll-free telephone at (888) 508-6832, or by visiting the firm’s website at www.holzerlaw.com/case/itonic-holdings/ for more information.

The deadline to ask the court to be appointed lead plaintiff in the case is September 29, 2026.