Hagens Berman reminds investors of pending securities class action against Soleno Therapeutics; May 5, 2026 lead plaintiff deadline

National shareholder rights law firm Hagens Berman has reminded investors in Soleno Therapeutics, Inc. (NASDAQ: SLNO) of a pending securities class action and an upcoming May 5, 2026 deadline to seek appointment as lead plaintiff.

The firm is urging investors who purchased Soleno common stock between March 26, 2025, and November 4, 2025 (the Class Period) and suffered significant losses to submit their claims.

Case details

Case name: City of Pontiac Police & Fire Ret. Sys. v. Soleno Therapeutics, Inc., et al.

Case number: 26-cv-01979 (N.D. Cal.)

Allegations in the complaint

The class action centers on Soleno’s statements regarding the safety, efficacy, and commercial launch of its flagship product, VYKAT XR (DCCR), for the treatment of Prader-Willi syndrome (PWS).

The complaint alleges that during the Class Period, Soleno misrepresented the commercial viability of DCCR by allegedly failing to disclose:

• Systemic safety omissions: The company allegedly downplayed significant evidence of safety concerns, including excess fluid retention and potential heart failure in children using the drug.
• Integrity red flags: A report by activist short seller Scorpion Capital alleged that Soleno’s Phase 3 clinical trials relied on a controversial physician in Gainesville, Florida, and that the data showed irregularities consistent with data integrity failures.
• Inflated launch metrics: While Soleno allegedly claimed the DCCR launch exceeded expectations, the complaint contends that start forms were artificially fueled rather than driven by genuine market demand.

Corrective disclosures and market reaction

On August 15, 2025, activist short seller Scorpion Capital published a report titled Russian Roulette With Prader-Willi Children, describing adverse patient reactions and investigator skepticism. The report was followed by an immediate double-digit decline in SLNO’s stock price.

The complaint alleges that the “full materialization” occurred on November 4, 2025, when Soleno reported Q3 2025 financial results. Management allegedly acknowledged a disruption in DCCR’s launch trajectory, including a lower number of patient start forms and increased discontinuations. Following that news, SLNO stock fell 27% in a single day.

Deadline to seek lead plaintiff status

Investors who purchased Soleno stock during the Class Period and suffered significant losses have until May 5, 2026 to petition the Court to serve as lead plaintiff.

Whistleblower information

Hagens Berman also noted that individuals with non-public information regarding Soleno may consider options to assist the investigation or take advantage of the SEC Whistleblower program. The firm referenced the program’s potential rewards of up to 30% of any successful SEC recovery for whistleblowers who provide original information.

Firm background

Hagens Berman describes itself as a global plaintiffs’ rights complex litigation firm focused on corporate accountability. The firm states that its team has secured more than $2.9 billion in this area of law.

Contact: Reed Kathrein, 844-916-0895