Johnson Fistel Begins Investigation on Behalf of Soleno Therapeutics, Inc. (SLNO) Shareholders Who Have Incurred Losses

SAN DIEGO, Dec. 4, 2025 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, PLLP is investigating whether Soleno Therapeutics, Inc. (NASDAQ: SLNO) or certain of its officers and directors violated federal securities laws by making false or misleading statements and/or failing to disclose material information to investors.

The investigation also examines whether Soleno's public communications accurately reflected the commercial progress and safety profile of VYKAT™ XR following its regulatory approval.

In September 2025, after the FDA cleared VYKAT™ XR, Soleno highlighted to investors that the product rollout was performing strongly and surpassing internal expectations.

However, on Soleno's November 4, 2025 third-quarter earnings call, the company discussed challenges that emerged during the launch period, noting a slowdown in new treatment initiations and an uptick in therapy discontinuations tied to non-serious adverse events. Management also acknowledged that the launch trajectory had been affected by external commentary published earlier in the year.

On August 15, 2025, short seller Scorpion Capital issued a report raising a number of concerns about VYKAT™ XR and Soleno's commercialization plans. Among other assertions, the report questioned the safety profile of the drug, the sustainability of demand, and the concentration of early prescribing activity. Scorpion further criticized Soleno's business model as being highly reliant on a single product with intellectual property protection expected to mature in the near term. The report additionally suggested that certain clinical research associated with the product warranted further scrutiny.

Following the release of the Scorpion report on August 15, 2025, Soleno's stock price experienced significant volatility. Between August 14, 2025 and November 5, 2025, the Company's share price declined by nearly 40%.

What if I purchased Soleno securities?
If you purchased SLNO securities and suffered losses, join our investigation now:
https://www.johnsonfistel.com/investigations/soleno-therapeutics-inc/

For more information, contact Jim Baker at [email protected] or (619) 814-4471. There is no cost or obligation to you.

About Johnson Fistel, PLLP | Top Law Firm, Securities Fraud, Investors Rights
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who purchased on U.S. exchanges. For more information, please visit http://www.johnsonfistel.com.

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In 2024, Johnson Fistel was honored to be ranked among the Top 10 Plaintiff Law Firms by the ISS Securities Class Action Services. The firm recovered approximately $90,725,000 for investors in cases where it served as lead or co-lead counsel. This marks the eighth time the firm has been recognized among the top securities law firms in the United States.

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Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq.
(619) 814-4471
[email protected] or [email protected]

SOURCE Johnson Fistel, PLLP