ALDX Investor Alert: Aldeyra Therapeutics Securities Fraud Lawsuit - Investors With Losses May Seek to Lead the Class Action After Company Allegedly Omitted Inconsistent Trial Data: Levi & Korsinsky

The Red Flags: What Insiders Allegedly Knew Before Shareholders Did

NEW YORK, May 20, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP announces that a securities class action has been filed against Aldeyra Therapeutics, Inc. (NASDAQ: ALDX).

YOU MAY BE AFFECTED IF YOU:

• Purchased ALDX stock between November 3, 2023 and March 16, 2026
• Lost money on your Aldeyra investment

Find out if you qualify to recover losses from this securities action or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Shares of Aldeyra collapsed 70.7%, losing $2.99 per share, after the FDA revealed that reproxalap clinical trial results were inconsistent and that positive findings were neither reliable nor meaningful. The lead plaintiff deadline is May 29, 2026.

What They Allegedly Knew

The securities action alleges that throughout a multi-year class period, Aldeyra's leadership was aware, or recklessly disregarded, that reproxalap's clinical trial record did not support the confident public statements the Company repeatedly made. From November 2023 through February 2026, SEC filings signed by senior officers described reproxalap as having "demonstrated broad-based, rapid-onset activity and consistent safety" across multiple trials. The complaint charges that these representations lacked a reasonable basis because the underlying data told a different story.

The Red Flags That Emerged

The FDA's March 2026 Complete Response Letter did not identify a single, sudden failure. Instead, it pointed to a pattern that allegedly existed throughout the class period:

• Clinical trial results were inconsistent across studies, the action alleges
• The inconsistency rendered positive findings unreliable and not meaningful, according to the FDA
• The agency found a "lack of substantial evidence consisting of adequate and well-controlled investigations"
• The "totality of evidence" from completed trials did not support effectiveness
• The Company had repeated the same efficacy language across four consecutive annual and quarterly SEC filings without material qualification

The lawsuit contends these were not new problems that emerged overnight but longstanding data shortcomings that defendants had a duty to disclose.

Inside Knowledge vs. Public Statements

As detailed in the action, each Individual Defendant directly participated in management, was privy to confidential information about the Company's clinical programs, and was involved in drafting or reviewing the SEC filings that contained the allegedly misleading statements. Plaintiffs assert that defendants either knew the clinical trial results were inconsistent or recklessly ignored evidence of that inconsistency while continuing to characterize reproxalap's data as "consistent" and "clinically relevant."

"The timeline raises important questions about when certain risks were known internally versus when they were disclosed to the investing public. Shareholders who purchased ALDX stock in reliance on repeated assurances of consistent clinical results deserve answers." — Joseph E. Levi, Esq.

Submit your information to recover losses or call (212) 363-7500.

About Levi & Korsinsky, LLP

Levi & Korsinsky represents investors in securities class actions nationwide, with a track record of recovering hundreds of millions for shareholders harmed by alleged corporate concealment. Ranked among ISS Top 50 for seven consecutive years. Lead plaintiff applications must be submitted by May 29, 2026.

Frequently Asked Questions About the ALDX Lawsuit

Q: When did Aldeyra allegedly mislead investors?A: The class period runs from November 3, 2023 to March 16, 2026. The alleged fraud was revealed through a corrective disclosure on March 17, 2026, when the FDA's Complete Response Letter exposed inconsistencies in reproxalap clinical trial data, causing shares to decline approximately 70.7%.

Q: What specific misstatements does the ALDX lawsuit allege?A: The complaint alleges Aldeyra made materially false or misleading statements regarding the consistency and reliability of reproxalap clinical trial results across multiple SEC filings during the class period. When the FDA revealed the data was inconsistent and unreliable, the stock price declined sharply.

Q: What do ALDX investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What if I already sold my ALDX shares — can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: Do I need to go to court or give testimony?A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What does it cost me to participate?A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I missed the lead plaintiff deadline?A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP