AARD UPCOMING DEADLINE: Levi & Korsinsky Alerts Aardvark Therapeutics, Inc. Stockholders of Securities Class Action - Contact the Firm

A securities class action alleges Aardvark Therapeutics overstated the clinical, regulatory, and commercial prospects of ARD-101 while representing the drug as nearly free of systemic exposure, before a trial pause and FDA clinical hold erased most of the stock's value.

NEW YORK, Sept. 16, 2026 /PRNewswire/ -- "Investors deserve transparency about material risks that could affect their investments, and the allegations here center on whether Aardvark's representations about ARD-101's prospects reflected what was actually known about the candidate's safety profile," said Joseph E. Levi, Esq. Levi & Korsinsky, LLP alerts investors in Aardvark Therapeutics, Inc. (NASDAQ: AARD) of a pending securities class action covering purchasers between February 13, 2025 and May 14, 2026. Check if you might be eligible to recover your investment losses or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Shares priced at $16.00 in the February 2025 offering closed at $4.57 on May 15, 2026, a decline of $11.43 per share, or 71.4%. The two-step slide included a $7.02 per-share drop (56.2%) to $5.47 and a later $2.16 per-share drop (32.1%). The Court has set October 13, 2026 as the deadline to apply for lead plaintiff appointment.

The Alleged Overstatement of ARD-101's Clinical and Regulatory Prospects

The lawsuit asserts that management repeatedly framed ARD-101 as roughly 99% gut-restricted, with minimal systemic exposure and no serious adverse events, and told the market that topline Phase 3 HERO data was on track for early 2026. On February 27, 2026, the Company announced a voluntary pause of the HERO trial, citing reversible cardiac observations at above-target therapeutic doses identified during routine safety monitoring in a healthy volunteer study, and stated it no longer anticipated topline data in the third quarter of 2026. On May 14, 2026, the Company announced that the FDA had placed a full clinical hold on the ARD-101 investigational new drug application, covering both Phase 3 studies.

Biotech Disclosure Trends in Safety Representations

• Safety characterizations drove valuation, since ARD-101 is the Company's lead candidate and the basis of its Phase 3 program.
• The action claims representations of "limited systemic absorption" were repeated across offering documents and periodic SEC filings.
• Statements that the Phase 3 design was aligned with the FDA preceded a full clinical hold on all studies under the IND.
• Analyst price targets were cut sharply following the trial pause, including reductions from $29 to $7 and from $26 to $9.
• As alleged, the pause and hold together removed the timeline investors had been given for pivotal data.

Why Safety Disclosure Adequacy Allegedly Matters to Investors

As alleged, purchasers acquired AARD securities at prices reflecting an expected regulatory path that the later disclosures called into question. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Learn more about the case or call (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report. Investors who suffered losses have until October 13, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the AARD Lawsuit

Q: Who is eligible to join the AARD investor lawsuit? A: Investors who purchased AARD stock or securities between February 13, 2025 and May 14, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What specific misstatements does the AARD lawsuit allege? A: The complaint alleges Aardvark Therapeutics, Inc. made materially false or misleading statements regarding the safety and tolerability profile of ARD-101 and the candidate's clinical, regulatory, and commercial prospects during the Class Period. When the voluntary pause of the Phase 3 HERO trial and the FDA's full clinical hold were disclosed, the stock price declined sharply.

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 is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

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: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected]\
Tel: (212) 363-7500\
Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP