Alto Neuroscience Under Investigation by Faruqi & Faruqi LLP

Faruqi & Faruqi, LLP is investigating potential claims against Alto Neuroscience, Inc. regarding its initial public offering and stock sales between February 2, 2024, and October 22, 2024. Investors who suffered losses are encouraged to contact James (Josh) Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) to discuss their options.

Investors who purchased or otherwise acquired Alto Neuroscience, Inc. (NYSE: ANRO) securities between February 2, 2024, and October 22, 2024, are encouraged to join a class action lawsuit against the company. The class action, filed in the United States District Court for the Northern District of California, seeks to hold the company and its officers accountable for alleged securities fraud and misrepresentation [1].

The lawsuit, initiated by Pomerantz LLP, asserts that Alto's initial public offering (IPO) documents were negligently prepared, containing untrue statements of material fact or omitting necessary information to make the statements not misleading. Additionally, the complaint alleges that throughout the class period, Alto made materially false and misleading statements regarding its business, operations, and prospects [1].

Specifically, the lawsuit claims that Alto's lead drug candidate, ALTO-100, was less effective in treating major depressive disorder (MDD) than the company had led investors to believe. As a result, the clinical, regulatory, and commercial prospects of ALTO-100 were overstated, as were Alto's overall business and financial prospects. The lawsuit further alleges that Alto's public statements were materially false and misleading at all relevant times [1].

On October 22, 2024, Alto announced that ALTO-100 did not meet its primary endpoint in a Phase 2b trial for MDD, leading to a significant drop in the company's stock price. The stock price fell $10.17 per share, or 69.99%, to close at $4.36 per share on October 23, 2024 [1].

Investors who wish to join the class action must contact Danielle Peyton at Pomerantz LLP by September 19, 2025, to ask the court to appoint them as lead plaintiff for the class. Alternatively, investors can contact Rosen Law Firm, which is also representing investors in the case, to discuss their options [2].

References:
[1] https://www.prnewswire.com/news-releases/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-alto-neuroscience-inc-and-certain-officers--anro-302538467.html
[2] https://www.morningstar.com/news/globe-newswire/9516948/rosen-a-top-ranked-law-firm-encourages-alto-neuroscience-inc-investors-to-secure-counsel-before-important-deadline-in-securities-class-action-anro