Levi & Korsinsky Reminds Shareholders of a Lead Plaintiff Deadline of December 28, 2026 in Tenax Therapeutics, Inc. Lawsuit - TENX
Key Dates and Disclosure Events: a 33-month Tenax timeline traces how the Company allegedly built confidence in TNX-103 across three financings before its Phase 3 LEVEL trial missed its primary endpoint.
NEW YORK, Nov. 4, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP reminds purchasers of Tenax Therapeutics, Inc. (NASDAQ: TENX) securities of a pending securities class action covering shares acquired between November 13, 2023 and August 7, 2026. See if you could be eligible to recover or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
August 10, 2026: TENX shares closed at approximately $1.38, a single-session drop of about $12.06 per share, or 89.77%. During the Class Period that preceded that close, the complaint recounts, Tenax raised $134 million in gross proceeds from investors through three financings. Investors have until December 28, 2026 to seek lead plaintiff status.
The Tenax Timeline: Disclosure Events That Raised the Stakes
The Class Period opens on November 13, 2023, when Tenax announced FDA clearance of its Investigational New Drug application for TNX-103, an oral form of levosimendan for pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF). The Company said the Phase 3 program had been designed to exceed the minimal clinically important difference, pointing to its earlier Phase 2 HELP study.
From there, the lawsuit chronicles an escalating pattern. Each wave of upbeat LEVEL news was followed by new capital, and each new raise deepened the Company's reliance on a single readout.
Timeline of Alleged Disclosure Failures
- February 8, 2024: One day after announcing first-patient enrollment in LEVEL, Tenax priced a public offering that ultimately closed with approximately $9.0 million in gross proceeds.
- March 28, 2024: The annual report stated that Tenax would prioritize LEVEL and suspend plans for a Phase 3 imatinib trial.
- August 12, 2024: Tenax closed an approximately $100 million private placement and said it was now funded through completion of LEVEL.
- March 5, 2025: The Company announced that the FDA had completed its review of the expanded LEVEL study design and the protocol for a second registrational study, LEVEL-2. The Company also closed a private placement generating approximately $25 million in gross proceeds.
- May 14, 2025: Management set expectations for topline LEVEL data in the middle of 2026.
August 10, 2026: When the Countdown Ended
Tenax reported that TNX-103 did not meet its primary endpoint of improvement in 6-minute walk distance versus placebo, or its key secondary endpoint on the Kansas City Cardiomyopathy Questionnaire total symptom score. On the related call, as detailed in the action, management said the Company had not anticipated how disease burden would affect treatment response.
Plaintiffs allege that the statements made throughout the preceding chronology overstated TNX-103's efficacy and its clinical, regulatory, and commercial prospects.
"Timely disclosure of material developments is fundamental to fair and efficient markets. The complaint alleges that Tenax spent nearly three years describing TNX-103's prospects in terms the August 10, 2026 results did not bear out, and investors who bought during that window deserve a clear picture of their options." -- Joseph E. Levi, Esq.
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Frequently Asked Questions About the TENX Lawsuit
Q: What specific misstatements does the TENX lawsuit allege? A: The complaint alleges Tenax Therapeutics, Inc. made materially false or misleading statements regarding the efficacy of TNX-103 and its clinical, regulatory, and commercial prospects, including the strength of the Phase 3 LEVEL study, during the Class Period. When topline LEVEL results showing that TNX-103 missed its primary 6-minute walk distance endpoint and its key secondary KCCQ endpoint were disclosed, the stock price declined sharply.
Q: When did Tenax Therapeutics allegedly mislead investors? A: The Class Period runs from November 13, 2023 to August 7, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.
Q: What court was the TENX class action filed in? A: The case was filed in the United States District Court for the Middle District of North Carolina, governed by the Private Securities Litigation Reform Act of 1995.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.
Q: What if I already sold my TENX shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.
Q: What if Tenax Therapeutics goes bankrupt before the case resolves? A: Securities class action claims may survive bankruptcy in many circumstances. D&O insurance policies are frequently a potential source of settlement funds.
Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, such cases are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
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SOURCE Levi & Korsinsky, LLP
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