Executive Accountability: Chief Medical Officer Stuart Rich is named in the Tenax securities action over his alleged assurances that the Phase 3 LEVEL study of TNX-103 was enriched with the patients most likely to respond.

NEW YORK, Oct. 29, 2026 /PRNewswire/ — SueWallSt notifies investors in Tenax Therapeutics, Inc. (NASDAQ: TENX) that Stuart Rich, M.D., Tenax’s Chief Medical Officer, is named as an individual defendant facing alleged liability in a securities class action filed on behalf of purchasers of Tenax securities between November 13, 2023 and August 7, 2026. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

Tenax shares fell approximately $12.06 per share, or 89.77%, to close at approximately $1.38 on August 10, 2026, when the Company reported that TNX-103 missed its Phase 3 primary endpoint. LEAD PLAINTIFF DEADLINE: December 28, 2026.

Dr. Rich’s Role During the Class Period

Dr. Rich has served as Chief Medical Officer at all relevant times, making him a clinical voice on TNX-103 (oral levosimendan) for pulmonary hypertension in heart failure with preserved ejection fraction. The complaint identifies three occasions, each on November 13 of a different year, on which he allegedly vouched for the drug and the LEVEL study design.

Stuart Rich’s Alleged Role in Building Trial Confidence

• November 13, 2023: In the press release announcing FDA clearance of the TNX-103 IND, he said the Company expected oral levosimendan to “provide consistent drug concentration levels, supporting improved efficacy.”
• November 13, 2024: At the Guggenheim Healthcare Innovation Conference, he called the LEVEL secondary endpoints “realistic.”
• November 13, 2025: On a Virtual KOL Call, he said the Phase 3 trial was enriched based on the hemodynamic profile of Phase 2 HELP responders, “assuring ourselves that the patients we’re enrolling are ones that have the best opportunity to have a favorable response to the drug.”
• Same call: He added that “one would assume” patients on daily oral dosing “would respond better to the oral rather than the IV.”
• August 10, 2026: Tenax disclosed that among patients with a baseline walk above the 333-meter median, placebo patients outwalked levosimendan patients by 17.6 meters.

The lawsuit contends these statements were misleading because TNX-103 was less effective than represented, leaving its clinical, regulatory, and commercial prospects overstated.

“As Chief Medical Officer, Dr. Rich spoke to investors with the weight of clinical expertise, and the complaint alleges he described the LEVEL study as enriched with likely responders. This case asks whether those assurances fairly reflected what was known about TNX-103’s efficacy,” said Joseph E. Levi, Esq., managing partner of SueWallSt.

Section 20(a) Context for Stuart Rich’s Liability

The complaint places Dr. Rich among the Individual Defendants alleged to have had the power and authority to control the contents of Tenax’s SEC filings, press releases, and other market communications, including the ability to prevent misleading statements or cause their correction. The action, pending in the United States District Court for the Middle District of North Carolina, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

Submit your information here 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: Who are the defendants named in the TENX lawsuit? A: The complaint names Tenax Therapeutics, Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What specific misstatements does the TENX lawsuit allege? A: The complaint alleges Tenax Therapeutics, Inc. made materially false or misleading statements regarding the efficacy of TNX-103 and the claim that its Phase 3 LEVEL study was “derisked” during the Class Period. When topline results showing TNX-103 did not meet its primary endpoint of improvement in 6-minute walk distance versus placebo were disclosed, the stock price declined sharply.

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 do TENX investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

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 if Tenax Therapeutics, Inc. goes bankrupt before the case resolves? A: Securities class action claims may survive bankruptcy in many circumstances. D&O insurance policies are frequently a potential source of settlement funds.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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SOURCE SueWallSt.com