Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Soleno Therapeutics (NASDAQ: SLNO) common stock between March 26, 2025 and November 4, 2025. 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”) for the treatment of hyperphagia in individuals afflicted with Prader-Willi syndrome (“PWS”).

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The Allegations: Robbins LLP is Investigating Allegations that Soleno Therapeutics (SLNO) Misled Investors Regarding the Viability and Efficacy of its Phase 3 Clinical Trial for DCCR

According to the complaint, during the class period, defendants failed to disclose: (a) that 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; (b) that, as a result of (a) above, the administration of DCCR to treat hyperphagia in individuals with PWS posed materially greater safety risks than disclosed by the Company or its executives; and (c) that, as a result of (a)-(b) above, 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.

Plaintiff alleges that on August 15, 2025, Scorpion Capital released an extensively researched and exhaustively detailed exposé on 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 stock declined nearly 12% over two trading days.

Then, on September 10, 2025, Soleno filed with the SEC a current event report on Form 8-K disclosing that a patient had died after taking DCCR. On this news, the stock declined nearly 19% over two trading days.

Finally, on November 4, 2025, Soleno reported its financial results for its third fiscal quarter ended September 30, 2025. CEO Bhatnagar 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 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%.

What Now: You may be eligible to participate in the class action against Soleno Therapeutics, Inc. Shareholders who wish to serve as lead plaintiff for the class should contact Robbins LLP. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

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