Step 1: Recall what Peyronie's disease is.
Peyronie's disease is a condition where a fibrous, scar-like plaque forms inside the tunica albuginea, the tough sheath around the erectile tissue of the penis. This plaque does not stretch normally during an erection, so it pulls the penis into a curve.
Step 2: Check statement 1.
Because the scarred area cannot stretch the way healthy tissue does, patients often feel pain during erection, along with curvature and a palpable lump. This statement is true.
Step 3: Check statement 2, the key one.
Peyronie's disease is a disease of adult life. It is most often seen in middle aged and older men, commonly in their 40s to 60s, and is uncommon in adolescents. So the claim that it affects adolescent males is not correct.
Step 4: Check statement 3.
Peyronie's disease belongs to a family of fibromatosis conditions, and it is a recognised association with Dupuytren's contracture, where the fascia in the palm of the hand thickens and pulls the fingers into a bent position. Patients with one of these conditions have a higher chance of having the other. This statement is true.
Step 5: Check statement 4.
In the early, active phase of the disease, the plaque and curvature can settle down on their own in a good share of patients, and textbooks commonly quote spontaneous improvement or regression in around half of the cases. This statement is true.
Step 6: Final Answer.
The statement that does not hold true is that the condition affects adolescent males, since Peyronie's disease typically shows up in middle aged and older men.
\[ \boxed{\text{The condition affects adolescent males}} \]