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Aardvark Therapeutics Investors: Key Updates on Class Action Lawsuit

A class action lawsuit has been initiated regarding Aardvark Therapeutics, Inc. (NASDAQ: AARD), aimed at investors who may have incurred significant financial losses. The legal firm Hagens Berman Sobol Shapiro LLP has taken the lead in notifying potential class members, particularly those who acquired Aardvark common stock during its initial public offering (IPO) in February 2025 and those who made purchases between February 13, 2025, and May 14, 2026.

What Are the Allegations?

The lawsuit stems from serious allegations against Aardvark Therapeutics concerning its product ARD-101, designed to address hyperphagia in individuals with Prader-Willi Syndrome. The complaint alleges that the company made materially false and misleading statements regarding the safety and efficacy of this therapy, which ultimately misled investors about ARD-101’s safety profile.

Key points of concern include that:

• - The safety of ARD-101 was overstated, particularly around adverse cardiac effects like QRS prolongation observed in clinical trials.
• - The company's claims about its clinical and regulatory prospects were inflated, potentially misleading investors about the viability of Aardvark’s key trials, including the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial.

Clinical Developments Prompt Warnings

The legal case gained traction when Aardvark announced multiple significant developments related to its trials. On February 27, 2026, the firm declared a voluntary halt to its Phase 3 HERO trial due to concerning cardiac observations associated with excessive doses during safety monitoring of ARD-101. The news triggered a dramatic drop of over 56% in the company’s stock price.

Further woes unfolded on May 14, 2026, when the U.S. FDA imposed a full clinical hold on Aardvark's investigational new drug application for ARD-101, effectively halting all related clinical studies and causing another stock price decline of 32.1%.

Next Steps for Investors

Investors affected by these events are encouraged to act quickly. Those who wish to be considered as lead plaintiffs in this pending litigation have until October 13, 2026, to make their intents known. Hagens Berman is urging all Aardvark investors to reach out to them as they explore viable legal options.

Whistleblower Opportunities

Furthermore, individuals possessing non-public information related to Aardvark Therapeutics are invited to assist in the investigation, which could include participation in the SEC Whistleblower program. This initiative offers financial rewards for information that leads to successful enforcement actions.

About Hagens Berman

Hagens Berman prides itself on being a champion of plaintiff rights in complex litigation against corporations. With a reputable history of over $2.9 billion recovered for clients, the firm specializes in cases that hold companies accountable for negligence or wrongdoing, representing not only investors but various individuals and consumer groups.

For further inquiries about this class action lawsuit or to share experiences related to Aardvark Therapeutics, interested parties can visit Hagens Berman's dedicated page. The firm continues to monitor the situation closely and aims to provide updates as the case unfolds.