Aardvark Therapeutics, Inc. (NASDAQ: AARD)

This lawsuit is for anyone who acquired securities in Aardvark Therapeutics, Inc. (NASDAQ: AARD) from February 10, 2025 through May 14, 2026.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing timely disclose that the Company’s new drug candidate, ARD-101, was less safe than the Company previously stated.

On February 27, 2026, Aardvark issued a press release “announc[ing] it is voluntarily pausing the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial” due to a “reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study” and said that it is “conducting a comprehensive review of the data to inform next steps.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on May 14, 2026, Aardvark issued a press release “announc[ing] that the U.S. Food and Drug Administration (FDA) has placed a full clinical hold on its investigational new drug application (IND) for ARD-101 related to the Company’s previously announced voluntary pause.” The press release stated “[t]he clinical hold applies to all ongoing clinical studies under the IND, including the Phase 3 HERO trial (AVK-101-301… and the Phase 3 open-label extension (OLE) trial (AVK-101-302).” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Aardvark Therapeutics, Inc. (NASDAQ: AARD) from February 10, 2025 through May 14, 2026 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.