Shareholder Alert: Securities Class Action Filed Against Vistagen Therapeutics, Inc.

New York — On February 17, 2026, the law firm Bernstein Liebhard LLP announced that a securities fraud class action lawsuit has been filed against Vistagen Therapeutics, Inc. (NASDAQ: VTGN) on behalf of investors who purchased or acquired the company’s common stock during the specified class period.

About the Lawsuit

The class action complaint seeks to represent all persons and entities that bought Vistagen shares between April 1, 2024 and December 16, 2025, inclusive (the “Class Period”), and who suffered financial losses as a result of alleged misrepresentations and misleading statements by the company.

According to the lawsuit, the defendants allegedly made false or misleading statements regarding Vistagen’s business, operations, and prospects — particularly concerning the Phase 3 clinical trial known as PALISADE-3 evaluating the investigational drug candidate fasedienol, an intranasal pherine compound being developed for the acute treatment of social anxiety disorder.

Class Period and Potential Misconduct

The complaint identifies the class period as beginning April 1, 2024, and ending December 16, 2025. During this time, Vistagen allegedly issued press releases and public statements that created an overly optimistic view of the company’s future clinical trial success, while failing to disclose material information about challenges impacting the trial results.

When the market learned the truth — including disappointing trial outcomes announced on December 17, 2025 — Vistagen’s stock price declined sharply, leading to significant losses for shareholders. Investors allege that this decline was caused by the earlier misstatements and omissions.

Who Is Eligible to Join?

Investors who purchased or acquired Vistagen Therapeutics common stock during the class period described above — and suffered losses — may be eligible to join the class action. Questions often asked are:

• Did you own shares of Vistagen Therapeutics, Inc.?
• Did you buy those shares between April 1, 2024 and December 16, 2025?
• Did your investment lose value as a result?

If you answered “yes” to these questions, you may consider contacting legal counsel to discuss your rights and explore filing a claim in the class action.

Lead Plaintiff Deadline

Shareholders interested in serving as the lead plaintiff must file their motion with the court no later than March 16, 2026. A lead plaintiff plays an important role by representing the class and helping direct the litigation. However, investors do not need to be lead plaintiff in order to share in any recovery obtained in the case.

Legal Representation and Fees

Representation in the class action is being offered on a contingency fee basis, which means that eligible investors are not required to pay attorneys’ fees or out-of-pocket costs unless the case produces a recovery.

About Bernstein Liebhard LLP

Founded in 1993, Bernstein Liebhard LLP is a national law firm specializing in securities litigation and shareholder class actions. The firm has recovered billions of dollars on behalf of investors and has earned recognition among the leading plaintiffs’ law firms in the United States.

The firm’s press release includes contact information for investors seeking to discuss their legal rights or learn more about participating in the lawsuit.

Next Steps for Investors

Investors who believe they are eligible are encouraged to:

• Review the eligibility requirements
• Contact legal counsel for guidance
• Decide whether to pursue lead plaintiff status before the deadline
• Register as part of the class action to preserve rights to any potential recovery

Participation in the class action does not require shareholders to attend court or pay additional fees if the case is successful.