Aardvark Therapeutics, Inc. NASDAQ: AARD

A securities class action has been filed against Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) (NASDAQ: AARD), a clinical-stage biopharmaceutical company, on behalf of investors who purchased or acquired the Company's securities between February 13, 2025 and May 14, 2026, and/or pursuant to the Company's February 2025 initial public offering, in which Aardvark raised approximately $87,613,440 in net proceeds on 5,888,000 shares sold at $16.00 per share.

The complaint alleges that the offering documents and defendants made false and/or misleading statements and/or failed to disclose that ARD-101, Aardvark's lead drug candidate for hyperphagia in Prader-Willi Syndrome, was significantly less safe than represented. Offering materials described ARD-101 as “approximately 99% restricted to the gut with minimal systemic exposure” and stated it had “resulted in no serious adverse events (SAEs),” while management represented the Phase 3 HERO trial was aligned with the FDA on a design believed sufficient to support a new drug application, with topline data expected in early 2026.

On February 27, 2026, Aardvark announced a voluntary pause of the Phase 3 HERO trial, citing “reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study,” and said it no longer anticipated topline data in the third quarter of 2026. On this news, the stock fell $7.02 per share, or 56.2%. Then, on May 14, 2026, Aardvark announced the FDA had placed a full clinical hold on the ARD-101 investigational new drug application, covering both the HERO trial and its open-label extension. On this news, the stock fell a further $2.16 per share, or 32.1%, to close at $4.57 on May 15, 2026 — a 71.4% decline from the $16.00 IPO price.