Vistagen Therapeutics, Inc. Class Action Lawsuit – VTGN

According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning its Phase 3 PALISADE-3 trial study of fasedienol, an investigational pherine candidate in development for the acute treatment of social anxiety disorder.

On December 17, 2025, Vistagen issued a press release announcing that the PALISADE-3 Phase 3 study of intranasal fasedienol for the acute treatment of social anxiety disorder did not demonstrate a statistically significant improvement on the primary endpoint of change on the Subjective Units of Distress Scale. In pertinent part, defendants announced the trial did not achieve its primary endpoint and there was no treatment difference between fasedienol and placebo for the secondary endpoints.

Following this news, the price of Vistagen’s common stock declined dramatically from a closing market of $4.36 per share on December 16, 2025 to $0.86 per share on December 17, 2025, a decline of more than 80%.