A securities class action lawsuit has been filed against Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) after its stock price collapsed 71 percent following the FDA's rejection of its lead drug candidate. The lawsuit, announced by several law firms including Faruqi & Faruqi, LLP, and The Schall Law Firm, alleges the company misled investors about the efficacy of its dry eye disease treatment, reproxalap.
The legal filings claim that Aldeyra and its executives violated federal securities laws by making false and misleading statements. "The complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that the results of the reproxalap clinical trials were inconsistent," stated a press release from Faruqi & Faruqi.
The lawsuit covers investors who purchased Aldeyra securities between November 3, 2023, and March 16, 2026. The core of the allegations centers on the company's failure to disclose the unreliability of its clinical data for reproxalap. The FDA's Complete Response Letter, issued on March 17, 2026, explicitly noted that "the inconsistency of study results raises serious concerns about the reliability and meaningfulness of the positive findings."
On the news of the FDA rejection, Aldeyra's stock price fell $2.99 per share, or 70.7%, to close at $1.24 per share on March 17, 2026. The decline erased significant market value and prompted the legal action. Investors seeking to be appointed as lead plaintiff in the class action have until May 29, 2026, to file with the court.
The drop in Aldeyra's stock to its lowest point since its public listing tests investor confidence in the company's pipeline. The next major catalyst for the company will be its response to the FDA and any potential new clinical trials for reproxalap or other drug candidates.
This article is for informational purposes only and does not constitute investment advice.
