LOS ANGELES, Oct. 28, 2026 (GLOBE NEWSWIRE) — The Portnoy Law Firm notifies investors in Tenax Therapeutics, Inc. (NASDAQ: TENX) that a securities class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Tenax common stock between November 13, 2023 and August 7, 2026, inclusive (the ‘Class Period’). Find out if you qualify to recover your per-share losses by choosing to join the class action and submit your trade details. Investors who suffered financial losses have until December 28, 2026 to seek appointment as lead plaintiff. Shareholders should contact Lesley Portnoy via e-mail (Lesley@portnoylaw.com or call (310) 692-8883) or visit http://portnoylaw.com/tenax-therapeutics-inc to learn more information and discuss their legal rights.
Please visit our website for more information on how to participate in this class action.
The class action complaint alleges that the company and its executive leadership violated federal securities laws by issuing false and misleading statements while concealing critical clinical realities. Specifically, the lawsuit contends that defendants failed to disclose that TNX-103 was significantly less effective than publicly represented, which led to an overstatement of the drug’s overall clinical, regulatory, and commercial viability. As a result, the company’s public statements regarding its business and product prospects were materially false and ungrounded throughout the relevant period.
The underlying clinical failures were revealed on August 10, 2026, when Tenax issued a press release announcing topline results from its Phase 3 LEVEL clinical trial. The company disclosed that TNX-103 failed to achieve its primary endpoint of demonstrating an improvement in the 6-minute walk distance compared to placebo, while also failing to meet its key secondary endpoint of improving the Kansas City Cardiomyopathy Questionnaire total symptom score. Driven by this negative outcome, Tenax’s stock price plummeted by approximately $12.06 per share, or 89.77%, to close at roughly $1.38 per share on August 10, 2026.
WHY PORTNOY LAW FIRM
The Portnoy Law Firm represents investors in complex securities class action litigation and shareholder rights matters across the nation. Founded by Lesley Portnoy, the firm’s attorneys have recovered billions of dollars for aggrieved institutional and retail investors. The firm leverages extensive legal expertise and sophisticated financial forensic capabilities to hold public corporations accountable for corporate wrongdoing and misrepresentation.
Lead Plaintiff Deadline: Investors who suffered losses on Tenax stock during the Class Period have until December 28, 2026 to seek appointment as lead plaintiff.
Frequently Asked Questions About the Tenax Lawsuit
Q: What is the Tenax lead plaintiff deadline?
A: The deadline to apply for lead plaintiff appointment is December 28, 2026. This deadline applies strictly to investors seeking to serve as lead plaintiff representing the class. Class members who do not apply may still participate in any eventual financial recovery as absent class members without taking any action at this time.
Q: How much did Tenax stock drop and on what dates?
A: Following the release of top-line results from its Phase 3 LEVEL clinical trial on August 10, 2026—which revealed that its primary and key secondary endpoints were not met—Tenax Therapeutics, Inc.’s stock price fell approximately $12.06 per share, or 89.77%, to close at approximately $1.38 per share on August 10, 2026.
Q: What specific misstatements does the Tenax lawsuit allege?
A: The lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements and failed to disclose that TNX-103 was less effective than they had led investors to believe. Specifically, the complaint alleges that Defendants repeatedly touted their approach to developing TNX-103 as “derisked” based on prior Phase 2 HELP study results, expert insights, and tailored trial design, while concealing that the drug’s overall clinical, regulatory, and commercial prospects were severely overstated.
Q: What do Tenax investors need to do right now?
A: Investors who purchased TENX common stock during the Class Period (November 13, 2023 through August 7, 2026) should gather their trade confirmation slips or brokerage transaction logs showing purchase dates, number of shares, and prices paid. You may submit your trade details to Portnoy Law Firm here for a free, no-obligation evaluation of your potential loss recovery. No immediate legal action is required to remain an eligible absent class member.
Q: Does it cost anything to participate in this case as a lead plaintiff?
A: A lead plaintiff does not pay any fees or expenses out of pocket. Our firm works on a contingency basis, and will collect any fees or expenses directly from a future recovery.
Q: What is a lead plaintiff and why does it matter?
A: A lead plaintiff is a court-appointed class member who acts on behalf of all other class members in directing the litigation. The lead plaintiff is typically the investor or group of investors that makes a motion with the largest financial interest in the relief sought. While serving as lead plaintiff does not increase an investor’s individual financial recovery compared to other class members, it gives the investor direct authority to select lead counsel and oversee the prosecution of the lawsuit.
Q: Does the lead plaintiff receive any type of compensation?”
A: Yes, in many cases, Courts award the lead plaintiff an additional amount of money to compensate the lead plaintiff for their participation in the case.
Q: What if I already sold my Tenax shares — can I still recover losses?
A: Yes. Eligibility to participate in a securities class action recovery depends on whether you purchased or acquired TENX common stock during the Class Period (November 13, 2023 to August 7, 2026) and suffered an economic loss. Investors who sold their shares prior to or after the public disclosures may still be eligible to recover damages based on the artificial inflation present in the stock at the time of purchase.
Q: How long will the Tenax lawsuit take to resolve?
A: Securities class action lawsuits typically take between two and four years from initial filing to full resolution. The exact timeline depends on court scheduling, motion practice (such as motions to dismiss), pre-trial discovery, and potential settlement negotiations or trial proceedings.
Q: Can I choose a different law firm to represent me?
A: Yes. Investors have the absolute right to retain any legal counsel of their choice. When multiple class action complaints are filed, the court will consolidate the actions and appoint a lead plaintiff and lead counsel. You may choose to be represented by Portnoy Law Firm, retain separate counsel, or remain an absent class member represented by court-appointed lead counsel.
CONTACT INFORMATION
Portnoy Law Firm
Lesley Portnoy, Esq.
Email: lesley@portnoylaw.com / info@portnoylaw.com
Telephone: (310) 692-8883
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