ARDX Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in Ardelyx, Inc. Securities Lawsuit - Contact Levi & Korsinsky

Notice to pension funds, asset managers, and fiduciaries: the lawsuit contends Ardelyx maintained its long-term revenue outlook for XPHOZAH and IBSRELA while payer access barriers were allegedly building, before an 18% single-session repricing of ARDX shares.

NEW YORK, Oct. 7, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies institutional investors in Ardelyx, Inc. (NASDAQ: ARDX), including pension funds, asset managers, and other fiduciaries, that a securities class action has been filed on behalf of shareholders who purchased ARDX securities between January 13, 2025 and August 6, 2026. Request an institutional investor loss assessment. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

ARDX closed at $4.87 per share on August 6, 2026 and fell to $4.00 per share the following session, a one-day decline of $0.87 per share, or approximately 18%. The window to apply for lead plaintiff appointment closes on November 16, 2026.

Notice to Institutional Holders

Institutional accumulation in ARDX took place against a long-term revenue outlook that the pleading asserts was not accurate. The complaint charges that Ardelyx told the market its commercial strategy was overcoming payer and patient-access barriers for IBSRELA and XPHOZAH, while more stringent prior authorization and step edit requirements were allegedly slowing new-patient starts. After the close on August 6, 2026, the Company reduced its full-year 2026 IBSRELA revenue guidance and withdrew its long-term XPHOZAH revenue guidance, citing significantly increased payer utilization-management processes.

ERISA and Fiduciary Considerations

Plan trustees, investment committees, and separate-account managers holding ARDX during the class period may treat a securities claim as a plan asset that requires evaluation rather than passive neglect. Documenting class-period purchase activity is generally the first step in determining whether a fund's loss is substantial enough to support a lead plaintiff application.

Fiduciary Obligations and Recovery Options

• Position-level review: class-period purchase dates, share counts, and prices paid determine recoverable loss, not current holdings.
• Claim preservation: funds that sold ARDX at a loss during the class period may still be eligible class members.
• Lead plaintiff standing: courts typically appoint the movant with the largest documented financial interest that can adequately represent the class.
• Oversight without added cost: serving as lead plaintiff provides input on case strategy and counsel selection and does not increase an institution's individual share of any recovery.
• Passive participation: institutions that take no procedural action may still share in any eventual recovery as absent class members.
• Internal reporting: a documented loss assessment supports trustee and investment-committee recordkeeping on securities litigation monitoring.

"Institutional investors play a critical role in securities class actions, and this case turns on whether shareholders were told enough about payer access barriers before Ardelyx withdrew its long-term XPHOZAH revenue guidance. Funds holding substantial class-period positions are often best positioned to oversee that inquiry on behalf of the class." -- Joseph E. Levi, Esq.

Contact us to learn more about institutional recovery options or call (212) 363-7500.

INSTITUTIONAL INVESTOR REPRESENTATION — Levi & Korsinsky, LLP provides sophisticated counsel to institutional investors evaluating lead plaintiff opportunities. The firm has recovered hundreds of millions of dollars. Ranked among ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the ARDX Lawsuit

Q: When did Ardelyx allegedly mislead investors? A: The Class Period runs from January 13, 2025 to August 6, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

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

Q: Who are the defendants named in the ARDX lawsuit? A: The complaint names Ardelyx, Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

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 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 ARDX 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: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

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.\

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