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LOS ANGELES, Sept. 05, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Alto Neuroscience, Inc. ("Alto Neuroscience" or the "Company") (NYSE: ANRO) investors of a class action representing investors that bought securities between February 2, 2024 and October 22, 2024, inclusive (the "Class Period"). Alto Neuroscience investors have until September 19, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
CASE ALLEGATIONS: Alto Neuroscience operates as a clinical-stage biopharmaceutical company. According to the Alto Neuroscience class action lawsuit, on or about February 2, 2024, Alto Neuroscience conducted its initial public offering (“IPO”), issuing over 8 million shares of common stock to the public at $16.00 per share, generating proceeds of over $119 million. Alto Neuroscience’s product pipeline includes, among other candidates, ALTO-100, which at the time of the IPO was in a Phase 2b clinical trial for the treatment of patients with major depressive disorder (“MDD”), according to the complaint.
The lawsuit alleges that throughout the Class Period and in the IPO offering documents, defendants made false or misleading statements and/or failed to disclose that: (i) ALTO-100 was less effective in treating MDD than defendants represented; (ii) as a result, ALTO-100’s clinical, regulatory, and commercial prospects were overstated; and (iii) consequently, Alto Neuroscience’s overall business and financial prospects were overstated.
The complaint further alleges that on October 22, 2024, Alto Neuroscience announced topline results from the Phase 2b trial of ALTO-100 for MDD, revealing that the drug did not meet its primary endpoint, assessed by change from baseline in the Montgomery-Åsberg Depression Rating Scale (MADRS), compared to placebo. On this news, Alto Neuroscience’s stock fell nearly 70%, according to the complaint.
As of the filing of the Alto Neuroscience class action, the price of Alto Neuroscience common stock continues to trade below the $16.00 per share IPO price.
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