Investors Face Losses in iTonic Holdings Pump-and-Dump Lawsuit

The complaint, filed by Robbins LLP, details a dramatic collapse in market value after the company’s stock surged from an IPO price of $4.00 to a peak of $32.00. This spike occurred despite a lack of legitimate corporate developments. The lawsuit alleges that promoters impersonated financial professionals online, fabricating rumors that Gilead Sciences was preparing an acquisition to fuel retail buying interest.

On July 29, 2025, the scheme unraveled. Shares plummeted 95% in a single session, falling from a market capitalization of $765 million to $40.8 million. Trading was halted at least ten times throughout the day as the stock price cratered to $1.65. The litigation claims the firm failed to disclose material risks regarding these manipulative practices and that its public statements regarding business prospects lacked a reasonable basis.

Investors eligible to participate do not need to serve as lead plaintiff to potentially recover losses. Robbins LLP operates on a contingency fee basis, meaning shareholders do not pay out-of-pocket litigation expenses. Those wishing to participate in the class action must file their intent with the court by the September 28 deadline.