Time-Sensitive: Allegations Focus on Unreliable Clinical Findings Representations

NEW YORK, May 6, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) of a pending securities class action. Class Period: November 3, 2023 through March 16, 2026. Check if you can recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

ALDX shares lost $2.99 per share, a 70.7% collapse, after the FDA revealed that reproxalap's clinical data was riddled with inconsistencies. The Court has set May 29, 2026 as the deadline to apply for lead plaintiff appointment.

What the Investing Public Was Told About Reproxalap's Data

Throughout the Class Period, the lawsuit asserts, Aldeyra repeatedly characterized reproxalap's clinical program in terms designed to convey scientific reliability. SEC filings described the drug candidate as having shown "consistent statistically significant and clinically relevant activity across a variety of symptoms and signs." Management told investors the data demonstrated "broad-based, rapid-onset activity" validated across multiple Phase 2 and Phase 3 trials. These characterizations appeared in annual and quarterly reports spanning from late 2023 through early 2026.

The action claims these representations painted a picture of a robust, reproducible clinical dataset, when the underlying trial results told a different story.

Inconsistency of Results: The Core Concealment

The FDA's Complete Response Letter, disclosed on March 17, 2026, cut directly to the issue investors were never warned about. The agency found that the "inconsistency of study results raises serious concerns about the reliability and meaningfulness of the positive findings." As alleged in the complaint, this was not a marginal regulatory quibble. The FDA concluded that "the totality of evidence from the completed clinical trials does not support the effectiveness of the product."

• Management described reproxalap data as "consistent" across trials while the FDA found results were inconsistent
• Positive findings were characterized as clinically meaningful, but the FDA deemed them unreliable
• Annual reports from FY23, FY24, and FY25 repeated nearly identical efficacy language without updating for known data problems
• The FDA determined Aldeyra failed to demonstrate efficacy through "adequate and well-controlled investigations"
• No SEC filing during the Class Period disclosed that trial inconsistencies undermined the drug's approval prospects

"Investors deserve transparency about material risks that could affect their investments. When a company repeatedly asserts that clinical results are consistent while the underlying data shows otherwise, shareholders are deprived of the information they need to make informed decisions." -- Joseph E. Levi, Esq.

Speak with an attorney about recovering damages or call (212) 363-7500.

About Levi & Korsinsky, LLP

WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.

Frequently Asked Questions About the ALDX Lawsuit

Q: Who is eligible to join the ALDX investor lawsuit? A: Investors who purchased ALDX stock or securities between November 3, 2023 and March 16, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: How much did ALDX stock drop? A: Shares fell approximately 70.7%, a decline of $2.99 per share, after the company disclosed receipt of the FDA's Complete Response Letter rejecting reproxalap's efficacy evidence. Investors who purchased shares during the class period at artificially inflated prices may be entitled to compensation.

Q: What specific misstatements does the ALDX lawsuit allege? A: The complaint alleges Aldeyra made materially false or misleading statements regarding the consistency and reliability of reproxalap's clinical trial results during the class period. When the FDA revealed the data was inconsistent and unreliable, the stock price declined sharply.

Q: What do ALDX investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What if I already sold my ALDX shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

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