The complaint filed by Robbins LLP alleges that between September 5, 2024, and July 29, 2025, the company failed to disclose that its stock price was being artificially inflated by social media misinformation and individuals impersonating financial professionals. These promoters reportedly circulated fabricated rumors regarding a potential acquisition by Gilead Sciences, Inc., fueling a frenzy that pushed the stock from an IPO price of $4.00 to an intraday high of $32.00.

On July 29, 2025, the scheme unraveled. After an initial 11% drop triggered a volatility halt, the stock plummeted 89% upon resumption of trading. By the close of the session, the shares had fallen 95% to $1.65. The lawsuit claims that both the auditor and underwriter defendants had prior involvement with other microcap offerings that became targets of similar manipulative tactics. Investors who purchased securities during the class period have until September 28, 2026, to apply for lead plaintiff status.