Alto Neuroscience(US:ANRO) Prnewswireยท2025-09-03 00:03Core Viewpoint - A class action has been filed against Alto Neuroscience, Inc. for allegedly misleading investors regarding the effectiveness of its drug candidate ALTO-100 during its IPO and subsequent period [1][2]. Group 1: Company Overview - Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company in the U.S. with a product pipeline that includes ALTO-100, which was in a Phase 2b clinical trial for treating major depressive disorder (MDD) at the time of its IPO [1]. Group 2: Allegations and Misconduct - The complaint alleges that the Offering Documents for the IPO were negligently prepared and that the company failed to disclose that ALTO-100 was less effective in treating MDD than represented, leading to overstated clinical, regulatory, and commercial prospects [2]. - The company's business and financial prospects were also claimed to be overstated as a result of these misrepresentations [2]. Group 3: Impact of Trial Results - On October 22, 2024, Alto announced that ALTO-100 did not meet its primary endpoint in the Phase 2b trial, resulting in a significant stock price drop of $10.17 per share, or 69.99%, closing at $4.36 per share on October 23, 2024 [3]. Group 4: Class Action Participation - Shareholders interested in participating in the class action against Alto have until September 19, 2025, to seek lead plaintiff status, which allows them to represent other class members in the litigation [4].