Overview

A class action lawsuit has been filed against Soleno Therapeutics, Inc. (“Soleno” or the “Company”) (NASDAQ : SLNO) and certain of the Company’s senior executive officers (collectively, “Defendants”), alleging violations of the federal securities laws. The Soleno lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Soleno common stock between March 26, 2025, and November 4, 2025, inclusive (the “Class Period”). Investors have until May 5, 2026, to seek appointment as lead plaintiff of the Soleno class action lawsuit.

Soleno is a pharmaceutical company focused on developing therapies for rare diseases. The Company’s only commercial product is diazoxide choline extended-release tablets (“DCCR” a/k/a “VYKAT XR”) for the treatment of individuals afflicted with Prader-Willi syndrome (“PWS”). PWS is a rare genetic condition caused by the loss of function of specific genes on chromosome 15.

The complaint alleges that throughout the Class Period Defendants touted the safety, tolerability, and clinical benefits of DCCR while failing to disclose that the Company’s Phase 3 clinical trial program had downplayed, misrepresented, or concealed significant safety concerns associated with the drug. These undisclosed safety issues created substantial risks for patients and threatened the drug’s commercial viability following its launch.

The truth began to emerge on August 15, 2025, when securities analyst Scorpion Capital published an investigative report raising serious problems with Soleno’s clinical trial conduct, safety and efficacy concerns with DCCR, and patient reports of serious adverse reactions related to the drug following its commercial launch.

On this news, the price of Soleno common stock declined $9.27 per share, or nearly 12%, from $77.36 per share on August 14, 2025, to close at $68.09 per share on August 18, 2025.

Then, on September 10, 2025, Defendants revealed that a patient had died after taking DCCR.  On this news, the price of Soleno common stock declined $10.20 per share, or 14.5%, from $70.21 per share on September 9, 2025, to close at $60.01 per share on September 10, 2025.

Then, on November 4, 2025, Soleno revealed that the Scorpion Capital report had caused a “disruption” in DCCR’s launch trajectory and concerns within the PWS community, with a lower number of patient start forms and increased discontinuations beginning after the report’s publication.  On this news, the price of Soleno common stock declined $16.98 per share, more than 26%, from $63.85 per share on November 4, 2025, to close at $46.87 per share on November 5, 2025.

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If you purchased or otherwise acquired Soleno common stock between March 26, 2025, and November 4, 2025, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Soleno class action lawsuit is May 5, 2026.