Philadelphia, October 30, 2026 / PRNewswire / -- A nationally renowned plaintiff law firm, Berger Montague, announces that it has represented investors who purchased or otherwise acquired securities of Tenax Therapeutics, Inc (referred to as NASDAQ: TENX, hereinafter referred to as “Tenax” or “the Company”) between November 13, 2023, and August 7, 2026 (i.e., the “class action period”). The deadline for applying to serve as the lead plaintiff is December 28, 2026.

Q&A

What is this lawsuit about?

This complaint has been filed with the United States District Court for the Middle District of North Carolina (case number: 26- cv-01624), and claims are made against Tenax and some of its senior executives in accordance with Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5.

The complaint alleges that throughout the duration of the class action, the defendant exaggerated the prospects of the company's core candidate drug TNX-103 (oral levosimendan). This drug was developed by the company for the treatment of pulmonary hypertension in patients with heart failure with preserved ejection fraction (PH-HFpEF). It is claimed that the defendant described its development path as "risk-free," and cited the approval of levosimendan for other indications, as well as phase II (HELP) studies showing improvements in six-minute walk distance. According to the complaint, the defendant did not disclose that the efficacy of TNX-103 was lower than what was communicated to investors, and therefore its clinical, regulatory, and commercialization prospects were also exaggerated.

It is alleged that the truth began to emerge on August 10, 2026. On that day, Tenax announced the top-line results of Phase III trials of LEVEL. The company disclosed that TNX-103 failed to achieve its primary endpoint – an improvement in six-minute walk distance compared to a placebo – nor did it meet the key secondary endpoint of improving the total symptom score on the Kansas City Cardiomyopathy Questionnaire (Kansas City Cardiomyopathy Questionnaire). Affected by this news, the stock price of Tenax fell by approximately $12.06 per share on August 10, 2026, a decrease of about 89.77%, closing at around $1.38 per share.

What kind of company is Tenax?

Tenax is headquartered in Chapel Hill, North Carolina, and is a pharmaceutical company in the development stage, focusing on the development of new cardiopulmonary treatment solutions. The company's priority product candidate is Levosimendan, which is being evaluated under the name TNX-103 in the phase three LEVEL studies.

What do I need to do?

Investor deadline:Investors who purchased or acquired Tenax securities during the class action period may apply to be appointed as the lead plaintiff representative for the class before December 28, 2026.

If you are an investor Tenax and wish to learn more about this lawsuit or discuss your rights, please contact Berger Montague at: Andrew Abramowitz, email [email protected], phone (215) 875-3015; or Caitlin Adorni at: email protected, phone (267) 764-4865; you may also visit their website.

About Berger Montague

Berger Montague indicates that this firm is one of the leading law firms in the United States, specializing in complex civil litigation, class actions, and large-scale tort cases in federal and state courts across the country. The firm claims that in 2025 alone, the amount of judgments awarded exceeded $2.4 billion, placing it at the forefront in various areas such as complex litigation, antitrust, consumer protection, defective products, environmental law, labor law, securities, and whistleblower cases. Berger Montague indicates that over the past 55 years, the firm has played a leading role in numerous precedent-setting cases and has recovered more than $50 billion for its clients and the groups they represent. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Malvern, Pennsylvania; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C.; and Wilmington, Delaware.

For more information or to discuss your rights, please contact:

(215) 875-3015