NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Alto Neuroscience, Inc. (“Alto” or the “Company”) (NYSE: ANRO) and certain officers.   The class action, filed in the United States District Court for the Northern District of California, and docketed under 25-cv-06105, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Alto common stock pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about February 2, 2024 (the “IPO” or “Offering”); and/or (b) Alto securities between February 2, 2024 and October 22, 2024, both dates inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Act of 1933 and the Securities Exchange Act of 1934.

  
If you are an investor who purchased or otherwise acquired Alto securities during the Class Period, you have until September 19, 2025 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.  
  

[Click here for information about joining the class action] 

Alto operates as a clinical-stage biopharmaceutical company in the United States. The Company’s product pipeline includes, inter alia, ALTO-100, which at the time of the IPO was in a Phase 2b clinical trial for the treatment of patients with major depressive disorder (“MDD”). Also has touted ALTO-100 as “a novel small molecule that has shown evidence of a pro-neurogenesis/neuroplasticity mechanism of action” and has stated that the Company “believe[s] binds a receptor not targeted by other [central nervous system (“CNS”)] therapeutics, which would make it first-in-class if approved.”

On January 12, 2024, Alto filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on February 1, 2024 (the “Registration Statement”).

On February 2, 2024, pursuant to the Registration Statement, Alto’s common stock began publicly trading on the New York Stock Exchange under the ticker symbol “ANRO.”

On February 5, 2024, Alto filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”).

Pursuant to the Offering Documents, Alto issued 8,040,000 shares of its common stock to the public at the Offering price of $16.00 per share for proceeds of $119,635,200 to the Company after applicable underwriting discounts and commissions, and before expenses.

The Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) ALTO-100 was less effective in treating MDD than Defendants had led investors to believe; (ii) accordingly, ALTO-100’s clinical, regulatory, and commercial prospects were overstated; (iii) as a result, Alto’s business and/or financial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On October 22, 2024, Alto issued a press release announcing topline results from the Phase 2b trial evaluating ALTO-100 as a treatment for MDD. That press release stated, in relevant part, that “ALTO-100 in patients with [MDD] did not meet its primary endpoint, assessed by a change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS), compared to placebo.”

On this news, Alto’s stock price fell $10.17 per share, or 69.99%, to close at $4.36 per share on October 23, 2024.

Analysts were quick to comment on the Company’s announcement. For example, on October 22, 2024, Jeffries cut its price target for Alto to $17 from $33 and stated that ALTO-100’s data raises questions around the Company’s overall biomarker approach to CNS disorders and psychiatry.

As of the time this Complaint was filed, Alto’s common stock continues to trade below the $16.00 per share Offering price, damaging investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com. 
  
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980