AARD Shareholder Alert: Aardvark Therapeutics, Inc. Securities Class Action Lawsuit - Investors With Losses May Contact SueWallSt

Sections 11 and 15 of the Securities Act impose liability for registration statements containing untrue statements of material fact. A securities class action alleges Aardvark Therapeutics' IPO paperwork described ARD-101 as "99% restricted to the gut" with "no serious adverse events" while omitting safety risks that later drew an FDA clinical hold.

NEW YORK, Sept. 10, 2026 /PRNewswire/ -- SueWallSt announces that a securities class action has been filed against Aardvark Therapeutics, Inc. (NASDAQ: AARD) on behalf of investors who acquired shares pursuant or traceable to the Company's February 13, 2025 initial public offering, and/or who purchased AARD securities between February 13, 2025 and May 14, 2026. YOU MAY BE AFFECTED IF YOU: acquired Aardvark shares in or traceable to the IPO; purchased AARD stock during the Class Period; or lost money on your Aardvark investment. Find out if you might qualify for recovery. You may also contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.

Aardvark sold 5,888,000 shares to the public at $16.00 per share, generating $87,613,440 in net proceeds. AARD closed at $4.57 on May 15, 2026, approximately 71.4% below the offering price, a decline of roughly $11.43 per share from the IPO price. Motions for lead plaintiff must be filed with the Court by October 13, 2026.

The Alleged Registration Statement Misrepresentations

The registration statement on Form S-1 was declared effective February 12, 2025, and the Form 424B4 prospectus followed the next day. As pleaded, those offering documents were negligently prepared and stated that ARD-101 had "limited systemic absorption" and had been "well-tolerated at all dose levels," while omitting that the candidate was allegedly less safe than investors were led to believe.

What the Registration Statement Allegedly Misrepresented

• The characterization of ARD-101 as approximately 99% gut-restricted with "minimal systemic exposure"
• The representation that clinical testing "resulted in no serious adverse events (SAEs)"
• The assertion of no renal or hepatic safety limitations arising from dosing
• The statement that the Company had "aligned with the FDA on a trial design" believed sufficient to support an NDA filing
• The projection that topline Phase 3 HERO data would be available in early 2026
• The overall clinical, regulatory, and commercial prospects of the lead candidate, which plaintiffs allege were overstated

Alleged IPO Proceeds and Defendant Motivation

The action contends that directors and officers who signed or authorized the registration statement participated in soliciting IPO purchases, including through road show presentations. Aardvark later announced a voluntary pause of the Phase 3 HERO trial tied to reversible cardiac observations at above-target therapeutic doses, and subsequently that the FDA placed a full clinical hold on the ARD-101 IND covering all ongoing studies.

"Sections 11 and 15 of the Securities Act hold issuers and signatories accountable for the accuracy of offering documents, and here the complaint questions whether the ARD-101 safety representations in Aardvark's IPO paperwork were complete. Investors who bought in the $16.00 offering are entitled to have those questions examined." -- Joseph E. Levi, Esq.

Submit your information now or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the AARD Lawsuit

Q: What is the AARD lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is October 13, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did AARD stock drop? A: Shares fell approximately 71.4% from the $16.00 IPO price, a decline of roughly $11.43 per share, after the Company disclosed the voluntary pause of the Phase 3 HERO trial and the FDA's full clinical hold on the ARD-101 IND. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What court was the AARD class action filed in? A: The case was filed in the United States District Court for the Southern District of California, governed by the Private Securities Litigation Reform Act of 1995.

Q: What do AARD investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What documents do I need to submit my information? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my AARD shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected]\

Tel: (888) SueWallSt\

Fax: (212) 363-7171

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SOURCE SueWallSt.com