Soleno Therapeutics, Inc.

SAN FRANCISCO, April 3, 2026 /PRNewswire/ -- A securities class action lawsuit has been filed against Soleno Therapeutics, Inc. (NASDAQ: SLNO) seeking to represent investors who purchased Soleno common stock between March 26, 2025 and November 4, 2025.

The lawsuit follows Soleno's November 5, 2025 report of disappointing information about DCCR (trademarked as VYKAT™ XR), a once-daily oral tablet intended to treat hyperphagia. Soleno has described this condition as "the most life-limiting aspect" of Prader-Willi Syndrome ("PWS"), a rare genetic disorder that causes physical, mental, and behavioral problems.

The report triggered a massive 26% selloff in the price of the company shares that day.

The development and severe market reaction have prompted national shareholders rights firm Hagens Berman to continue its investigation into whether Soleno violated the federal securities laws.

The firm urges investors in Soleno who suffered significant losses to submit your losses now.

Class Period: Mar. 26, 2025 – Nov. 4, 2025

Lead Plaintiff Deadline: May 5, 2026

Visit: www.hbsslaw.com/investor-fraud/slno

Contact the Firm Now: SLNO@hbsslaw.com

                                          844-916-0895

Soleno Therapeutics, Inc. (SLNO) Securities Class Action:

The litigation focuses on the propriety of Soleno's repeated statements concerning the safety, efficacy, and commercial prospects of DCCR. These included assurances that the launch of DCCR has been going "really well[]" and "definitely exceeded our expectations."

More specifically, according to the lawsuit, the Soleno Phase 3 clinical program for DCCR had systematically downplayed, misrepresented, and/or concealed significant evidence of safety concerns potentially related to the administration of DCCR, including issues related to excess fluid retention in clinical trial participants. As a result, the administration of DCCR to treat hyperphagia in individuals with PWS posed significantly greater safety risks than disclosed by Soleno and its executives. The complaint further alleges that, due to the foregoing, DCCR had materially lower commercial viability and undisclosed risks about the likelihood of significant and widespread adverse events after its commercial launch.

Investors began to learn the truth back on August 15, 2025, when activist short seller Scorpion Capital raised questions about Soleno's disclosures and made several observations regarding VYKAT™ XR.

The firm noted a "rapid pile-up of reports of children hospitalized for potential heart failure" shortly after using the drug, leading Scorpion to conclude that VYKAT™ XR could be at risk of being withdrawn from the market or that new prescriptions might "plunge."

Furthermore, Scorpion alleged that Soleno's "launch metrics are hocus-pocus," claiming that the company was highly dependent on a "controversial physician" in Gainesville, Florida, who was the lead investigator on key trials. The report suggested this physician might be an "invisible hand fueling initial start forms."

Finally, Scorpion raised concerns about the physician's co-authored papers, alleging that they "exhibit irregularities consistent with red flags for data integrity and adherence to scientific standards, casting doubt onto the validity of SLNO's trials, publications, and FDA submissions."

Most recently, during Soleno's November 4, 2025 Q3 2025 earnings call, the company's management revealed that "we did see a disruption in our launch trajectory in the wake of a short seller report that was released in August, mostly in the form of a lower number of start forms and increased discontinuations for non-serious adverse events."

Since August 14, 2025 (the day before Scorpion published its report), by November 5, 2025 the price of Soleno shares has fallen nearly 40%.

"We're investigating whether Soleno may have misled investors about the support it has said it has about the commercial prospects of VYKAT^™ XR," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Soleno and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the Soleno case and the firm's investigation, read more »

Whistleblowers: Persons with non-public information regarding Soleno should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SLNO@hbsslaw.com.

About Hagens Berman

Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

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SOURCE Hagens Berman Sobol Shapiro LLP

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Soleno To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Soleno between March 26, 2025 and November 4, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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NEW YORK, April 3, 2026 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Soleno Therapeutics, Inc. ("Soleno" or the "Company") (NASDAQ: SLNO) and reminds investors of the May 5, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Soleno Phase 3 clinical trial program for DCCR had systematically downplayed, misrepresented, and/or concealed significant evidence of safety concerns potentially related to the administration of DCCR, including issues related to excess fluid retention in clinical trial participants; (2) as a result, the administration of DCCR to treat hyperphagia in individuals with PWS posed materially greater safety risks than disclosed by Soleno or its executives; and (3) consequently, DCCR had materially lower commercial viability and undisclosed risks related to the likelihood of significant and widespread adverse events after its commercial launch, including risks related to patient discontinuation rates, lower patient adoption, prescriber reluctance, adverse regulatory action, and potential reputational and legal fallout.

On August 15, 2025, Scorpion Capital LLC published a report critical of Soleno Therapeutics, Inc., its drug candidate DCCR, and the company's Phase 3 clinical trial program. The report alleged significant concerns regarding the drug's safety, efficacy, and clinical trial data. On this news, the price of Soleno common stock declined from a high of more than $77 per share on August 14, 2025 to close at approximately $68 per share on August 18, 2025, a decline of nearly 12% over two trading days.

Subsequently, on September 10, 2025, Soleno filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that a patient had died after taking DCCR.On this news, the price of Soleno common stock declined from more than $70 per share on September 9, 2025 to close at approximately $57 per share on September 11, 2025, a decline of approximately 19% over two trading days.

Lastly, on November 4, 2025, Soleno reported its financial results for the third quarter ended September 30, 2025, revealing that the earlier Scorpion Capital report had disrupted the launch trajectory of DCCR and raised concerns within the Prader-Willi syndrome community, resulting in fewer patient start forms and increased discontinuations. On this news, the price of Soleno common stock declined from nearly $64 per share on November 4, 2025 to close at approximately $47 per share on November 5, 2025, a one-day decline of approximately 27%.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Soleno's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Soleno Therapeutics class action, go to www.faruqilaw.com/SLNO or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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SOURCE Faruqi & Faruqi, LLP