Vistagen Faces Securities Class Action After Phase 3 Failure as Law Firms Press Deadline

Investors face a March 16, 2026 cutoff to seek lead-plaintiff appointment in the Northern District of California case.

Overview

Vistagen disclosed on December 17, 2025 that its PALISADE-3 Phase 3 study of intranasal fasedienol for social anxiety disorder failed to meet its primary endpoint and showed no treatment differences on secondary measures.
Following the announcement, Vistagen’s shares dropped more than 80%, falling from $4.36 on December 16 to $0.86 on December 17, 2025.
A federal securities class action has been filed on behalf of investors who bought Vistagen stock between April 1, 2024 and December 16, 2025.
The complaint alleges the company and certain officers issued overly positive statements and concealed material adverse facts about the PALISADE-3 trial.
Plaintiff firms including Faruqi & Faruqi, The Gross Law Firm, Bernstein Liebhard, and Levi & Korsinsky are soliciting investors and highlighting the March 16, 2026 lead-plaintiff deadline.