Investors Face September Deadline in iTonic Holdings Class Action

The complaint alleges that iTonic’s meteoric rise from an IPO price of $4.00 to a peak of $32.00 was fueled by a coordinated pump-and-dump scheme. According to the filing, bad actors impersonated financial professionals across social media and online forums, spreading fabricated rumors of an acquisition by Gilead Sciences to incite retail buying. The company failed to disclose these manipulation risks or the questionable background of its underwriters and auditors, according to the suit.

The facade crumbled on July 29, 2025, when the stock price plummeted 89% in a single session, triggering multiple volatility halts. By the end of that day, the company’s market capitalization had evaporated from $765 million to $40.8 million, with shares closing at $1.65. Robbins LLP, the firm representing the class, asserts that these losses were a direct result of the company’s failure to maintain transparent risk disclosures and its involvement in a fraudulent promotional environment.