Tenax Therapeutics, Inc. NASDAQ: TENX

A securities fraud class action lawsuit has been filed against Tenax Therapeutics, Inc. (“Tenax” or the “Company”) (NASDAQ: TENX) on behalf of shareholders who purchased or otherwise acquired the Company's securities between November 13, 2023 and August 7, 2026, inclusive (the “Class Period”). Tenax is a development-stage pharmaceutical company whose lead product candidate, levosimendan (TNX-103), was being developed for pulmonary hypertension in heart failure with preserved ejection fraction (“PH-HFpEF”).

The complaint alleges that, throughout the Class Period, defendants represented that Tenax's approach to developing TNX-103 was “derisked” because levosimendan was already approved for other conditions, because the Company had incorporated insights from subject-matter experts, and because its Phase 3 LEVEL study had been modeled on which patients in its earlier Phase 2 HELP study responded to the drug. The complaint alleges that, in truth, TNX-103 was less effective than defendants had led investors to believe, and that the Company's statements regarding TNX-103's clinical, regulatory, and commercial prospects were materially false and misleading and lacked a reasonable basis.

On August 10, 2026, Tenax issued a press release reporting topline results from its Phase 3 LEVEL clinical trial, stating that TNX-103 “did not meet its primary endpoint of improvement in the 6-minute walk distance versus placebo, or the key secondary endpoint of improvement in Kansas City Cardiomyopathy Questionnaire total symptom score.” On this news, Tenax's stock price fell approximately $12.06 per share, or 89.77%, to close at approximately $1.38 per share on August 10, 2026.