NEW YORK, Nov. 03, 2026 (GLOBE NEWSWIRE) -- SueWallSt highlights the contrast between what Tenax Therapeutics, Inc. (NASDAQ: TENX) promised and what its lead drug candidate delivered. The firm notifies investors who purchased TENX securities between November 13, 2023 and August 7, 2026 that a securities class action is pending. Check if you might be eligible to recover your investment losses or call (888) SueWallSt.
The promise: at a November 13, 2024 investor conference, management said a 6-minute walk improvement of 10 to 15 meters "would certainly be beneficial," adding, "We got 29 in HELP." The reality: on August 10, 2026, Tenax reported that TNX-103 missed that walk-distance endpoint in its Phase 3 LEVEL trial, and TENX shares fell approximately $12.06, or 89.77%, to close near $1.38. LEAD PLAINTIFF DEADLINE: December 28, 2026.
The Promise: A Drug Designed to Clear the Bar
The Class Period began on November 13, 2023, when Tenax announced that the FDA had cleared the TNX-103 Investigational New Drug Application and stated that the Phase 3 program was "designed to exceed the minimal clinically important difference."
At the same 2024 conference, management said the Kansas City Cardiomyopathy Questionnaire "will in fact support" the walk gains. By May 2025, the company said it expected LEVEL data to "establish TNX-103 as a powerful therapeutic option" for a disease with no approved treatments.
Promise vs. Actual: By the Numbers
The LEVEL data told a different story:
- Walk distance: Management described 10 to 15 meters as beneficial and cited 29 meters from Phase 2. The Phase 3 result did not meet the primary endpoint versus placebo.
- Patient-reported symptoms: Management said questionnaire scores would back up the walk gains. LEVEL also missed its key secondary endpoint, the KCCQ total symptom score.
- Healthier patients: Above the 333-meter median baseline walk, placebo patients outwalked TNX-103 patients by 17.6 meters.
- Sicker patients: Below that median, the placebo-corrected improvement was 26.3 meters. That was a subgroup figure, not the overall result.
- Approval path: Management said two registrational studies were "expected to satisfy the requirements" to file for approval. The first of those studies failed on its primary measure.
What the Lawsuit Alleges About the Tenax Promise-Reality Gap
The action is pending in the United States District Court for the Middle District of North Carolina and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs allege that TNX-103 was less effective than investors were led to believe. They also allege that the drug's clinical, regulatory, and commercial prospects were overstated throughout the Class Period.
"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. Here, the lawsuit alleges that investors were pointed to a 29-meter Phase 2 result while TNX-103 was less effective than represented," said Joseph E. Levi, Esq., managing partner of SueWallSt.
Learn more about the case or call (888) SueWallSt.
WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
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 during the Class Period about the efficacy and clinical prospects of TNX-103 (levosimendan), including claims that the Phase 3 LEVEL study was "derisked." When the Company disclosed on August 10, 2026 that TNX-103 did not meet its primary endpoint of improvement in 6-minute walk distance versus placebo, the stock price declined sharply.
Q: When did Tenax Therapeutics, Inc. 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 documents do I need to submit my information? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.
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 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. Securities class actions are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.
Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (888) SueWallSt
Fax: (212) 363-7171
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