According to the Complaint, Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company. The Company’s product pipeline includes ALTO-100, which at the time of the Company's February 2, 2024 IPO was in a Phase 2b clinical trial for the treatment of patients with major depressive disorder (“MDD”). This lawsuit was filed against Alto and nine individual Defendants.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges that 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.