Alto Neuroscience(US:ANRO) Prnewswire·2025-08-14 13:04Core Viewpoint - The complaint against Alto alleges violations of federal securities laws due to misleading statements regarding the effectiveness of ALTO-100 in treating Major Depressive Disorder (MDD) and the overstated prospects of the company's business and financial performance [2]. Group 1: Company Performance and Stock Impact - 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 stock price drop of $10.17 per share, or 69.99%, closing at $4.36 on October 23, 2024 [3]. - Following the announcement, Jeffries reduced its price target for Alto from $33 to $17, indicating concerns about the company's biomarker approach to central nervous system disorders and psychiatry [4]. Group 2: Legal Proceedings - The lead plaintiff in the class action lawsuit is the investor with the largest financial interest, who will oversee the litigation on behalf of the class [5]. - The law firm Faruqi & Faruqi encourages individuals with information regarding Alto's conduct to come forward, including whistleblowers and former employees [6].