Too
Recently, I was told that 'too', meaning 'also', is not used in negative sentences. I hadn't noticed such a thing and after looking it up in two dictionaries, found nothing. So, what's the story about 'too'?

I'm confused. You couldn't find the word "too" in a dictionary? That doesn't seem possible.
Generally "too" is a synonym for "also" in addition to its role as marking excess.
In informal contexts, you will hear both "too" and "also" in negative sentences where "neither" or "either" might appear in more formal contexts.
E.g.
I won't buy this shirt: It's too (excessively) expensive, and it doesn't fit, too (also)!

Glenn said
I won't buy this shirt: It's too (excessively) expensive, and it doesn't fit, too (also)!
I'm not yet ready to doubt that "too"can be used in negative sentences because I haven't thought about it long enough, but your example here doesn't sound right, even informally. Also, I can think of several negative sentences in which "too" would be totally out of place. e.g. "This dog does not belong to my neighbor and it doesn't belong to me, too." I have never heard a rule that "too" can not be used in a negative sentence but it seems like a good rule in general, probably with exceptions.
Here is a site. It does not mention a rule, but gives several examples consistent with Rafee's discovery and none contrary to it.

Glenn's example seems to point to something else he didn't say: 'too' might just be for firming up the underlying intent, in which case all the rules about verb polarities are out the window:
This shirt will please my wife, who has expensive taste:
It is expensive, and it fits, too
This shirt is just vintage brother of mine, a fashion fool who also likes to waste money:
It is expensive, and it does not fit, too
This shirt is good for me:
It is not expensive, and it fits, too.
This shirt I give to my mother-in-law specifically to drive her crazy:
It is not expensive, and it does not fit, too
No?