Aardvark Therapeutics, Inc.

(NASDAQ: AARD)

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Case Details

Lead Plaintiff Deadline:

October 13, 2026

Class Period:

February 10, 2025 - May 14, 2026

Jurisdiction:

California Southern District Court

Docket Number:

3:26cv04643

Days Left to
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Summary of the Action

Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) ARD-101 was less safe than Defendants had led investors to believe; (ii) accordingly, ARD-101's clinical, regulatory, and commercial prospects were overstated; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times. The truth began to emerge on February 27, 2026, when Aardvark issued a press release "announcing it is voluntarily pausing the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial." Aardvark attributed the decision to "reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study" and said that it "has voluntarily paused ongoing enrollment and dosing in the HERO trial" while "conducting a comprehensive review of the data to inform next steps." On this news, Aardvark's stock price fell $7.02 per share, or 56.2%, to close at $5.47 per share on March 2, 2026. Then, on May 14, 2026, Aardvark issued a press release "announcing that the U.S. Food and Drug Administration (FDA) has placed a full clinical hold on its investigational new drug application (IND) for ARD-101 related to the Company's previously announced voluntary pause." The press release specified that "[t]he clinical hold applies to all ongoing clinical studies under the IND, including the Phase 3 HERO trial (AVK-101-301) evaluating ARD-101 for the treatment of hyperphagia in patients with Prader-Willi Syndrome (PWS) and the Phase 3 open-label extension (OLE) trial (AVK-101-302)." On this news, Aardvark's stock price fell $2.16 per share, or 32.1%, to close at $4.57 per share on May 15, 2026. As of the time the complaint was filed, Aardvark's common stock continues to trade below the $16.00 per share Offering price, damaging investors.

Certification and Authorization Pursuant to Federal Securities Laws

The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Aardvark Therapeutics, Inc.. Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.
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Are you a current or former employee of the company?*
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I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:
1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
4. I represent and warrant that I am fully authorized to enter into and execute this certification.
5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
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7. I have not served as a representative party on behalf of a class under the federal security laws during the last three years, except if detailed below.
8. I have not previously provided a certification for this action to any other law firm.
I declare under penalty of perjury, under the laws of the United States, that the information entered is accurate.*
- I Agree
By clicking the button below, I acknowledge that this form is not intended to and does not establish an attorney-client relationship between myself and Wolf Haldenstein Adler Freeman & Herz LLP, and that the submission or receipt of information to the Firm or one of its attorneys via this form, website, e-mail or telephone does not create an attorney-client relationship.*
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The Complaint provided to me is incorporated by reference.
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Date of signing: 09/08/2026

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Aardvark Therapeutics, Inc.

Case Details

Summary of the Action

Certification and Authorization Pursuant to Federal Securities Laws

I, individually or on behalf of the entity I represent ("I"), hereby certify as follows: