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SLNO Investors with Losses Encouraged to Contact Hagens Berman

SAN FRANCISCO , March 12, 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, Scorpionalleged 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