Aldeyra Therapeutics, Inc. Securities Fraud Investigation

Peiffer Wolf is investigating Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) for potential violations of SEC Rule 10b-5 and other federal securities laws arising from alleged material misrepresentations about clinical trial data for its lead drug candidate, Reproxalap, a treatment for dry eye disease.

Aldeyra Therapeutics, Inc. describes itself as a “biotechnology company focused on developing therapies for immune-mediated diseases.” Its stock trades on the Nasdaq under the ticker “ALDX.” A recent federal court complaint alleges the company violated SEC Rule 10b-5, which prohibits making misleading statements or omitting material information in connection with securities transactions.

If you invested in Aldeyra Therapeutics securities between November 3, 2023, and March 16, 2026, (the “Class Period”) and suffered losses Contact Us as soon as possible for a Free Case Evaluation by filling out an online form or by calling 585-310-5140.

Important: The deadline to seek lead plaintiff status in this lawsuit is May 29, 2026.

Aldeyra Therapeutics Stock | What Happened

According to a complaint filed on March 30, 2026, Aldeyra Therapeutics and its executives allegedly made materially false and misleading statements throughout the Class Period about the strength, reliability, and meaningfulness of Reproxalap’s clinical trial results.

The lawsuit specifically alleges:

• False and Misleading Clinical Trial Characterizations – The complaint alleges that in clinical trials performed by Aldeyra, Reproxalap had inconsistent results. Despite this, Aldeyra repeatedly stated in official SEC filings from November 2023 through February 2026, that Reproxalap showed “consistent” and “statistically significant” activity in Phase 2 and Phase 3 trials. The company further suggested the drug worked quickly and safely for users “across a number of trials.” In reality, the complaint alleges, there was not enough evidence to make such broad claims about the success of the drug.
• Concealment of Adverse Clinical Evidence – The complaint alleges the Defendants knew, or recklessly disregarded, that Reproxalap’s clinical trial results were inconsistent. They did this because acknowledging this inconsistency would raise serious concerns about the meaningfulness of any positive findings. Aldeyra knew that the totality of their evidence did not support the drug’s effectiveness. It further used the trial results to tell investors that its underlying technology platform (the RASP platform) was proven and valid despite there not being enough evidence to support that claim.
• False SOX Certifications – The Company’s SEC filings—including its Form 10-Q for Q3 2023, its 10-K for fiscal year 2023, its 10-K for fiscal year 2024, and its 10-K for fiscal year 2025—were signed by CEO Todd C. Brady and, at different times, CFOs Bruce M. Greenberg and Michael Alferi. The complaint alleges these executives certified the accuracy of the Company’s disclosures under the Sarbanes-Oxley Act, and that those certifications were false in light of the alleged misrepresentations about Reproxalap’s clinical efficacy data.

Stock Price Decline and Investor Harm

The complaint alleges that investors suffered significant losses when the truth about Reproxalap’s clinical data emerged:

• March 17, 2026: Before the market opened, Aldeyra filed a Form 8-K disclosing that it had received a Complete Response Letter (CRL) from the FDA rejecting Reproxalap’s New Drug Application. The FDA stated there was “a lack of substantial evidence” that the drug would have the claimed effect, that the “inconsistency of study results raises serious concerns about the reliability and meaningfulness of the positive findings,” and that “the totality of evidence from the completed clinical trials does not support the effectiveness of the product.” Following this disclosure, Aldeyra’s stock price fell $2.99, or approximately 70.7%, to close at $1.24 per share on March 17, 2026.

Aldeyra Therapeutics Lawsuit | Legal Claims

The complaint asserts that the defendants violated federal securities laws, including:

• Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 – These provisions prohibit the use of any manipulative or deceptive device in connection with the purchase or sale of securities. The complaint alleges that Aldeyra and its executives violated these provisions by making filings with the SEC which were materially false and misleading, and which omitted material facts, about the reliability and consistency of Reproxalap’s clinical trial results.
• Section 20(a) of the Securities Exchange Act of 1934 (Control Person Liability) – Section 20(a) provides that individuals who control a company can be held liable for the company’s securities law violations. The complaint alleges that CEO Todd C. Brady, former CFO Bruce M. Greenberg, and Head of Finance Michael Alferi each had the power to control Aldeyra’s public statements and SEC filings and are therefore liable for the alleged violations.

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Aldeyra Therapeutics and its executives allegedly misled investors by repeatedly describing Reproxalap’s clinical trial results as “consistent” and “statistically significant” across four annual and quarterly SEC filings—statements the FDA later contradicted when it rejected the drug’s approval citing no such evidence for those claims.

Peiffer Wolf is investigating potential Rule 10b-5 violations involving Aldeyra Therapeutics securities sold to retail investors. If you purchased ALDX securities during the Class Period and suffered losses, Contact Us for a Free Case Evaluation by filling out an online form or calling 585-310-5140.