Investors urged to take legal action against Aardvark Therapeutics over ARD-101 lawsuit
SAN FRANCISCO, Sept. 1, 2026 /CourierPR/ -- Investors in Aardvark Therapeutics, Inc. (NASDAQ: AARD) are being urged to take legal action following a significant securities class action lawsuit filed against the company. The lawsuit, brought by the national shareholder rights firm Hagens Berman Sobol Shapiro LLP, alleges that Aardvark made materially false and misleading statements regarding its clinical-stage biopharmaceutical drug ARD-101.
The class action involves investors who purchased Aardvark common stock from February 13, 2025, to May 14, 2026. According to the complaint, the company failed to disclose critical information about ARD-101, including that the drug was significantly less safe than previously believed and that unexpected, reversible cardiac observations were observed during trials at higher-than-target doses.
The truth began to emerge in February 2026 when Aardvark announced it was voluntarily pausing its Phase 3 Hunger Elimination or Reduction Objective (HERO) trial due to "reversible cardiac observations at above-target therapeutic doses." This news caused Aardvark's stock price to plummet by over 56%. In May 2026, the U.S. Food and Drug Administration (FDA) placed a full clinical hold on Aardvark's investigational new drug application (IND) for ARD-101, halting all ongoing studies, including the HERO trial and open-label extension (OLE) trial. This development further led to a 32.1% drop in the company’s stock price.
Reed Kathrein, a partner at Hagens Berman Sobol Shapiro LLP, stated, "We are investigating the allegations that Aardvark misled investors about the safety and efficacy of ARD-101. Our firm is committed to holding companies accountable for their actions and ensuring that investors are not left to bear the brunt of their misrepresentations."
Hagens Berman Sobol Shapiro LLP, a global plaintiffs' rights complex litigation firm, has a robust practice focusing on corporate accountability. The firm has secured over $2.9 billion in recoveries for its clients.