Overview

A class action lawsuit has been filed against Vistagen Therapeutics, Inc., (“Vistagen,” or the “Company”) (NASDAQ : VTGN) and certain of the Company’s senior executive officers (collectively, “Defendants”) alleging violations of federal securities laws. The Vistagen lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Vistagen securities between April 1, 2024, and December 16, 2025, both dates inclusive (the “Class Period”). Investors have until March 16, 2026, to seek appointment as lead plaintiff of the Vistagen class action lawsuit.

Vistagen is a clinical-stage biopharmaceutical company focused on the development and commercialization of therapies for neuropsychiatric and neurological disorders. The Company’s product pipeline includes fasedienol, an investigational pherine nasal spray for the treatment of anxiety in adults with social anxiety disorder.

The lawsuit alleges Vistagen made false and/or misleading statements by providing investors with material information concerning the Company’s plan to develop and commercialize fasedienol. The Company’s statements included, among other things, positive assertions of fasedienol’s future trial success based on prior positive results associated with the PALISADE-2 clinical trial. Furthermore, Defendants stated enhancements and operational changes made to the execution of the PALISADE-3 clinical trial supported a strong likelihood of Phase 3 success and positioned it as a confirmatory study. Defendants’ misstatements caused shareholders to purchase Vistagen’s common stock at artificially inflated prices.

The truth was revealed on December 17, 2025, when Vistagen issued a press release announcing that the PALISADE-3 Phase 3 study of intranasal fasedienol did not demonstrate a statistically significant improvement on the primary endpoint of change. In pertinent part, the Company announced the trial did not achieve its primary endpoint and there was no treatment difference between fasedienol and placebo for the secondary endpoints. Investors and analysts reacted immediately to Vistagen’s disclosures. The price of Vistagen’s common stock declined dramatically from a closing market of $4.36 per share on December 16, 2025, to $0.86 per share on December 17, 2025, a decline of more than 80%.

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If you purchased or otherwise acquired Vistagen securities between April 1, 2024, and December 16, 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 or 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 Vistagen lawsuit is March 16, 2026.