Transient absorption and gain spectra of the styryl dye LDS-750 in solution have been studied by the pump/supercontinuum probe (PSCP) technique with excitation at 530 nm. The pump/probe intensity correlation width was 70 fs, providing a time resolution of 40 fs. Spectra were detected in the range 400-800 nm with 1.5 nm resolution. Before 70 fs, prominent spectral structure is observed due to resonant Raman scattering from a 1500 cm(-1) active mode of the chromophore. At later time, the gain spectrum undergoes an ultrafast redshift and change of shape, with time constants of similar to 200 and similar to 600 fs for acetonitrile and chloroform solutions, respectively. At high pumping energy (1.2 mu J), the final emitting state is reached by internal conversion from higher electronic states without a further essential Stokes shift. The emitting state is assigned to an excited isomeric form of the molecule. At low pumping energy (0.3 mu J), the first excited electronic state isomerizes in an ultrafast process followed by a slower process, the dynamics of which is controlled by the solvent. The geometrical and electronic nature of these processes and their coupling to the solvent needs further clarification.