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Aardvark Therapeutics Faces Class Action Lawsuit

In an urgent message to investors, Hagens Berman Sobol Shapiro LLP has alerted those involved with Aardvark Therapeutics, Inc. (NASDAQ: AARD) about a burgeoning class action lawsuit. With a significant fall in stock value due to alleged discrepancies in company communications, investors are encouraged to take action promptly.

Key Details of the Case

The class action primarily affects investors who purchased Aardvark common stock related to the company's initial public offering (IPO) around February 13, 2025, and additional securities acquired until May 14, 2026. This window of investment—known as the class period—has been marked by allegations that Aardvark misled its investors, particularly regarding its investigational drug, ARD-101, which targets bitter taste receptors.

The lawsuit, reportedly stating critical failures on Aardvark's part, emphasizes that claims about the drug’s safety and its commercial prospects were significantly overstated. These claims were put into question following reports of serious cardiac issues that emerged during clinical trials, which were not disclosed to investors. The allegations against Aardvark include:

• - Misrepresentation of ARD-101’s safety profile
• - Failure to disclose adverse cardiac events during trials
• - Overstatement of the clinical advancements and potential market success of ARD-101

The Downward Spiral of Stock Value

On February 27, 2026, Aardvark announced the voluntary pausing of its Phase 3 HERO trial, a decision stemming from safety concerns regarding reversible cardiac observations identified in healthy volunteers. This revelation caused Aardvark’s share price to plunge over 56%. Subsequently, on May 14, 2026, the U.S. Food and Drug Administration (FDA) placed a complete clinical hold on the IND application for ARD-101, halting all ongoing studies associated with the drug. This led to an additional stock price drop of 32.1%.

These incidents have raised serious concerns among investors about the integrity and accuracy of the information provided by Aardvark. Reed Kathrein, the partner leading the investigation at Hagens Berman, has reiterated the firm’s commitment to uncovering the truth behind the allegations that investors were misled about the drug’s efficacy and safety.

What Investors Should Do

Investors who are part of the affected class and have suffered losses can file to be appointed as Lead Plaintiff for the class until the deadline on October 13, 2026. Hagens Berman encourages any investors with questions or those looking to engage in the lawsuit process to reach out and discuss their legal rights and options for potential recovery.

Whistleblower Program

Additionally, Aardvark insiders with non-public information about the company's practices may consider leveraging the U.S. Securities and Exchange Commission (SEC) Whistleblower program. Successful whistleblowers could receive a reward that amounts to 30% of any recovery made by the SEC based on their information.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is a recognized plaintiffs' rights firm renowned for its work in complex litigation, particularly in corporate accountability matters. The firm has achieved notable successes in securing over $2.9 billion for clients affected by corporate misconduct. For more information about the lawsuit against Aardvark Therapeutics or to stay updated on developments in this case, visit the firm’s website at hbsslaw.com or follow them on social media @ClassActionLaw.

In summary, impacts from misleading information can be profound, and the ongoing situation surrounding Aardvark Therapeutics serves as a reminder for investors to remain vigilant and informed about their investments.