Soleno Therapeutics, Inc.

USDC – Northern District of California

March 9, 2026

CLASS PERIOD: march 26, 2025 – november 4, 2025
LEAD PLAINTIFF DEADLINE: MAY 5, 2026

Please complete the form below to contact Kaplan Fox regarding the Soleno Therapeutics Investigation:

Principal Contacts

Jeffrey P. Campisi

JCampisi@kaplanfox.com

Laurence D. King

LKing@kaplanfox.com

Kaplan Fox Encourages Investors of Soleno Therapeutics, Inc. (SLNO) to Contact the Firm Before Lead Plaintiff Deadline on May 5, 2026

Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Soleno Therapeutics, Inc. (“Soleno” or the “Company”) (NASDAQ: SLNO) on behalf of investors that purchased or otherwise acquired Soleno securities between March 26, 2025 and November 4, 2025 (the “Class Period”).

CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION

If you are an investor in Soleno and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571.

DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than May 5, 2026 to serve as a lead plaintiff for the purported class.  If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.

According to the complaint, “on August 15, 2025, Scorpion Capital LLC (‘Scorpion Capital’) published a sharply critical report regarding Soleno, DCCR, and the Company’s Phase 3 clinical trial program, titled “Russian Roulette With Prader-Willi Children: How The Latest Rare Disease Price-Gouging Scheme Fleeced the FDA, Parents, And Its Own Study Investigators With A Worthless, Toxic Drug; Suspect Data; And Sham Clinical Trials To Push A $500K/Year Knockoff Of A 50-Year- Old Generic Compound – Triggering One Of The Worst Launch Failures And Safety Catastrophes In Post-Approval History” (the ‘Scorpion Capital Report’).”  The complaint further states that the “Scorpion Capital Report presented an extensively researched and exhaustively detailed exposé on problems with Soleno’s clinical trial conduct, safety and efficacy concerns with DCCR, and patient reports of serious adverse reactions related to the drug following its commercial launch. The report detailed interviews with multiple investigators reportedly involved in conducting the Phase 3 trial, Soleno employees, medical professionals, and key opinion leaders (‘KOLs’), presented numerous examples of parents documenting severe harm to their children after administering DCCR, and analyzed the safety and efficacy of DCCR as represented in Soleno’s published clinical trials and as compared to available generics.”

“On this news, the price of Soleno common stock declined from a high of more than $77 per share on August 14, 2025 to close at approximately $68 per share on August 18, 2025, a decline of nearly 12% over two trading days on above-average trading volume. However, the price of Soleno common stock remained artificially inflated as the full truth regarding safety data and risks associated with DCCR was not disclosed to investors and defendants continued to make materially false and misleading statements.”

“Then, on November 4, 2025, Soleno reported its financial results for its third fiscal

quarter ended September 30, 2025.”  The complaint states that the Chief Executive Officer “revealed that the Scorpion Capital Report had caused a ‘disruption’ in DCCR’s launch trajectory and concerns within the PWS community, with a lower number of patient start forms and increased discontinuations beginning after the report’s publication.” “Also on November 4, 2025, Scorpion Capital reposted a mother’s social media post reporting that her son had suffered congestive heart failure after taking DCCR[.]”

“On this news, the price of Soleno common stock declined from nearly $64 per share on November 4, 2025 to close at approximately $47 per share on November 5, 2025, a one-day decline of approximately 27% on above-average trading volume.”

The complaint alleges “(a) that the Soleno Phase 3 clinical trial program for DCCR had systematically downplayed, misrepresented, and/or concealed significant evidence of safety concerns potentially related to the administration of DCCR, including issues related to excess fluid retention in clinical trial participants; (b) that, as a result of (a) above, the administration of DCCR to treat hyperphagia in individuals with PWS posed materially greater safety risks than disclosed by the Company or its executives; and (c) that, as a result of (a)-(b) above, DCCR had materially lower commercial viability and undisclosed risks related to the likelihood of significant and widespread adverse events after its commercial launch, including risks related to patient discontinuation rates, lower patient adoption, prescriber reluctance, adverse regulatory action, and potential reputational and legal fallout.”

WHY CONTACT KAPLAN FOX

Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

If you have any questions about this investigation, please contact:

CONTACT:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8571
jcampisi@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1501
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com

Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.