Securities Class Action Filed Against Soleno Therapeutics, Inc. – Investors Encouraged to Contact Kirby McInerney LLP

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Soleno Therapeutics, Inc. (“Soleno” or the “Company”) (NASDAQ:SLNO) securities during the period of March 26, 2025 through November 4, 2025, inclusive (“the Class Period”).

If you suffered a loss on your Soleno investments, you have until May 5, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is This Lawsuit About? The lawsuit alleges that (i) the Soleno Phase 3 clinical trial program for DCCR, trademarked as Vykat XR, 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; (ii) 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 (iii) 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 published a report that described Soleno’s only product, DCCR, as overpriced and potentially unsafe for children. On this news, the price of Soleno shares declined by $5.73 per share, or approximately 7.41%, from $77.36 per share on August 14, 2025 to close at $71.64 on August 15, 2025.

Then, on September 10, 2025, Soleno filed with the U.S. Securities and Exchange Commission a current event report on Form 8-K disclosing that a patient had died after taking DCCR. On this news, the price of Soleno shares declined by $10.20 per share, or approximately 14.53%, from $70.21 per share on September 9, 2025 to close at $60.01 on September 10, 2025.

Then on November 4, 2025, Soleno revealed during its quarterly earnings call that the discontinuation rate of DCCR related to adverse effects was approximately 8% at the end of the third quarter of fiscal 2025. Soleno’s Chief Executive Officer disclosed during the call that Soleno “did see a disruption in our [DCCR] launch trajectory in the wake of a short seller report that was released in mid-August [i.e, the Scorpion Capital report], mostly in the form of a lower number of start forms and increased discontinuations for non-serious adverse events.” On this news, the price of Soleno shares declined by $16.98 per share, or approximately 26.59%, from $63.85 per share on November 4, 2025 to close at $46.87 on November 5, 2025.