Shareholder rights firm notifies investors in Aardvark Therapeutics of lawsuit

SAN FRANCISCO, Sept. 3, 2026 /CourierPR/ -- A national shareholder rights firm, Hagens Berman Sobol Shapiro LLP, has notified investors in Aardvark Therapeutics, Inc. (NASDAQ: AARD) of a pending securities class action lawsuit. The notice was issued to alert investors who purchased or acquired Aardvark common stock between February 13, 2025, and May 14, 2026, to the potential legal action.

The lawsuit alleges that Aardvark Therapeutics made materially false and misleading statements and failed to disclose critical information related to its small-molecule therapy ARD-101. Specifically, the complaint claims that the company did not disclose that ARD-101 was significantly less safe than advertised, and that unexpected, reversible cardiac observations occurred during trials at above-target doses.

These undisclosed issues led to the voluntary pause of Aardvark's Phase 3 HERO trial on February 27, 2026, due to "reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study." Following this news, Aardvark's stock price dropped by over 56%.

On May 14, 2026, the U.S. Food and Drug Administration (FDA) placed a full clinical hold on the investigational new drug application (IND) for ARD-101, halting all ongoing studies, including the Phase 3 HERO trial and open-label extension (OLE) trial. This news caused Aardvark's stock price to fall an additional 32.1%.

Reed Kathrein, a partner at Hagens Berman, is leading the firm's investigation into the case. "We are investigating the allegations that Aardvark misled investors about ARD-101's development, safety, and efficacy," Kathrein stated.

Additionally, the firm invites whistleblowers with non-public information about Aardvark Therapeutics to contact them. Under the SEC Whistleblower program, individuals who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.