Philadelphia, Pennsylvania--(Newsfile Corp. - October 29, 2026) - Berger Montague, a leading national plaintiffs' law firm, announces a class action lawsuit against Tenax Therapeutics, Inc. (NASDAQ: TENX) ("Tenax" or the "Company") on behalf of investors who purchased or otherwise acquired Tenax securities during the period from November 13, 2023 through August 7, 2026 (the "Class Period"). The deadline to apply for lead plaintiff is December 28, 2026.

Q&A

What is this lawsuit about?

The complaint, filed in the United States District Court for the Middle District of North Carolina (Case No. 26-cv-01624), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 against Tenax and certain of its officers. It alleges that throughout the Class Period, Defendants overstated the prospects of the Company's lead drug candidate, TNX-103 (oral levosimendan), which the Company was developing for pulmonary hypertension in patients with heart failure with preserved ejection fraction (PH-HFpEF). Defendants allegedly described their development approach as "derisked," pointing to levosimendan's existing approvals for other conditions and Phase 2 HELP study results showing improvement in six-minute walk distance. According to the complaint, Defendants failed to disclose that TNX-103 was less effective than they had led investors to believe, and that its clinical, regulatory, and commercial prospects were therefore overstated.

The truth allegedly began to emerge on August 10, 2026, when Tenax announced topline results from the Phase 3 LEVEL trial. The Company disclosed that TNX-103 failed to meet both its primary endpoint of improvement in six-minute walk distance versus placebo, as well as its key secondary endpoint of improvement in the 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.

Who is Tenax?

Tenax, headquartered in Chapel Hill, NC, is a development-stage pharmaceutical company that develops novel cardiopulmonary therapies. Its prioritized product candidate is levosimendan, which it evaluated in the Phase 3 LEVEL study as TNX-103.

What do I need to do?

Investor Deadline: Investors who purchased or otherwise acquired Tenax securities during the Class Period may, no later than December 28, 2026, seek to be appointed as a lead plaintiff representative of the class.

If you are a Tenax investor and would like to learn more about this action, or to discuss your rights, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bergermontague.com or (215) 875-3015 or Caitlin Adorni at cadorni@bergermontague.com or (267) 764-4865 or visit our website.

About Berger Montague

Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

SOURCE Berger Montague

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Source: Berger Montague