{"success":true,"data":{"pressRelease":{"id":"146849","rtpr_id":"nNFCc38ZJz-20260917","ticker":"AARD","exchange":"NASDAQ","all_tickers":["AARD"],"title":"Robbins LLP is Investigating Allegations that Aardvark Therapeutics, Inc. Misled Investors Regarding the Viability and Efficacy of its Lead Drug Candidate ARD-101","author":"Newsfile Corp","published_at":"2026-09-17T19:24:54.914Z","article_body":"San Diego, California--(Newsfile Corp. - September 17, 2026) - Shareholder\nrights law firm Robbins LLP (https://api.newsfilecorp.com/redirect/mjgyoskNLw)\nreminds investors that a class action was filed on behalf of all persons and\nentities who purchased or otherwise acquired Aardvark Therapeutics, Inc\n(https://api.newsfilecorp.com/redirect/kXPyzHQzXJ). (NASDAQ: AARD) (a) common\nstock pursuant to the Company's February 13, 2025 initial public offering\n(\"IPO\") and/or (b) securities between February 13, 2025 and May 14, 2026 (the\n\"Class Period\"). Aardvark is a clinical-stage biopharmaceutical company that\nfocuses on developing small-molecule therapies designed to inhibit hunger and\ntreat metabolic diseases such as Prader-Willi Syndrome (\"PWS\"), a\nneurodevelopmental disorder condition that presents hyperphagia, or a feeling\nof extreme, insatiable hunger.\n\nThe complaint alleges that Aardvark misled investors regarding the viability\nand efficacy of its lead drug candidate ARD-101.\n\nInvestors who suffered significant losses during the Class Period may be\neligible to participate in the lawsuit and should contact\n(https://api.newsfilecorp.com/redirect/B5vBNI2Jqe) Robbins LLP for information\nabout becoming lead plaintiff before the October 13, 2026 deadline.\n\nListen to our podcast (https://api.newsfilecorp.com/redirect/5WRXpu3Vxg).\n\nWhy Was Aardvark Therapeutics Sued?\n\nThe complaint alleges that the Company's lead product candidate is ARD-101,\nwhich defendants have repeatedly described as a \"gut-restricted\"\nsmall-molecule agonist of certain TAS2Rs expressed in the gut lumen. To\nevaluate the effect of ARD-101on hyperphagia-related behavior in patients with\nPrader-Willi Syndrome, defendants commenced both a Phase 3 clinical trial,\nreferred to as the HERO trial, and an open-label extension.\n\nThe Offering Documents in support of the IPO informed investors that the\npreclinical data concerning ARD-101 \"suggest that ARD-101 shows potential to\nbe a well-tolerated, satiety-inducing drug.\"\n\nNotwithstanding, the complaint alleges that defendants failed to disclose\nthat:\n1. ARD-101 was less safe than defendants had led investors to believe;\n2. accordingly, ARD-101's clinical, regulatory, and commercial prospects were\noverstated; and\n3. as a result, defendants' public statements were materially false and\nmisleading at all relevant times.\nWhy Did AARD Stock Drop?\n\nThe complaint alleges that on February 27, 2026, Aardvark issued a press\nrelease \"announc[ing] it is voluntarily pausing the Phase 3 Hunger Elimination\nor Reduction Objective (HERO) trial.\" Aardvark attributed the decision to\n\"reversible cardiac observations at above target therapeutic doses found\nduring routine safety monitoring in a healthy volunteer study\" and said that\nit \"has voluntarily paused ongoing enrollment and dosing in the HERO trial\"\nwhile \"conducting a comprehensive review of the data to inform next steps.\" On\nthis news, Aardvark's stock price fell $7.02 per share, or 56.2%, to close at\n$5.47 per share on March 2, 2026.\n\nThen, on May 14, 2026, Aardvark issued a press release \"announc[ing] that the\nU.S. Food and Drug Administration (FDA) has placed a full clinical hold on its\ninvestigational new drug application (IND) for ARD-101 related to the\nCompany's previously announced voluntary pause.\" The press release specified\nthat \"[t]he clinical hold applies to all ongoing clinical studies under the\nIND, including the Phase 3 HERO trial (AVK-101-301) evaluating ARD-101 for the\ntreatment of hyperphagia in patients with Prader-Willi Syndrome (PWS) and the\nPhase 3 open-label extension (OLE) trial (AVK-101-302).\" On this news,\nAardvark's stock price fell $2.16 per share, or 32.1%, to close at $4.57 per\nshare on May 15, 2026.\n\nWho May Be Eligible to Participate in the AARD Class Action?\n\nThe lawsuit seeks to represent investors who purchased or otherwise acquired\n(i) AARD common stock pursuant to the Company's February 13, 2025 IPO; and/or\n(ii) AARD securities between February 13, 2025 and May 14, 2026. Investors who\nsuffered losses during that period may have legal rights under the federal\nsecurities laws.\n\nWhat Is a Lead Plaintiff?\n\nThe lead plaintiff is a court-appointed investor who represents the interests\nof all class members throughout the litigation. Serving as lead plaintiff is\nnot required to share in any potential recovery. Investors who do not seek\nappointment may remain absent class members if the case proceeds and later\nresolves successfully.\n\nStockholders who wish to seek appointment as lead plaintiff must do so by\nOctober 13, 2026.\n\nDoes It Cost Anything to Participate?\n\nNo. Robbins LLP represents investors on a contingency fee basis.\n\nContact Robbins LLP\n\nInvestors seeking additional information about the Aardvark Therapeutics\nsecurities class action may contact Robbins LLP by submitting\n(https://api.newsfilecorp.com/redirect/LqO07hpY2L) an inquiry, emailing\n(mailto:adumas@robbinsllp.com) attorney Aaron Dumas, Jr., or calling (800)\n350-6003.\n\nAbout Robbins LLP\n\nRobbins LLP (https://api.newsfilecorp.com/redirect/oPYaJcawj8) is a\nshareholder rights law firm focused on representing investors in securities\nfraud and shareholder litigation. The firm has helped recover more than $2\nbillion for investors, obtained significant corporate governance reforms, and\nhas represented shareholders in cases involving alleged violations of the\nfederal securities laws.\n\n\"Companies have an obligation to provide investors with complete and accurate\ninformation so that markets can function fairly and efficiently,\" said Brian\nJ. Robbins, Founding Partner of Robbins LLP.\n\nTo be notified if a class action against Aardvark Therapeutics, Inc. settles\nor to receive free alerts when corporate executives engage in wrongdoing, sign\nup for Stock Watch (https://api.newsfilecorp.com/redirect/OAgqLhRYzx) today.\n\nAttorney Advertising. Past results do not guarantee a similar outcome.\n\nContact:\nAaron Dumas, Jr.\nRobbins LLP\n5060 Shoreham Pl., Ste. 300\nSan Diego, CA 92122\nadumas@robbinsllp.com\n(800) 350-6003\nwww.robbinsllp.com\n\nFacebook (https://api.newsfilecorp.com/redirect/wEXa2UaQ42)\nLinkedIn (https://api.newsfilecorp.com/redirect/gJ5yxijmno)\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/314909","article_body_html":"","raw_payload":{"data":{"id":"nNFCc38ZJz-20260917","title":"Robbins LLP is Investigating Allegations that Aardvark Therapeutics, Inc. Misled Investors Regarding the Viability and Efficacy of its Lead Drug Candidate ARD-101","author":"Newsfile Corp","ticker":"AARD","created":"2026-09-17T19:24:54.914Z","tickers":["AARD"],"exchange":"NASDAQ","article_body":"San Diego, California--(Newsfile Corp. - September 17, 2026) - Shareholder\nrights law firm Robbins LLP (https://api.newsfilecorp.com/redirect/mjgyoskNLw)\nreminds investors that a class action was filed on behalf of all persons and\nentities who purchased or otherwise acquired Aardvark Therapeutics, Inc\n(https://api.newsfilecorp.com/redirect/kXPyzHQzXJ). (NASDAQ: AARD) (a) common\nstock pursuant to the Company's February 13, 2025 initial public offering\n(\"IPO\") and/or (b) securities between February 13, 2025 and May 14, 2026 (the\n\"Class Period\"). Aardvark is a clinical-stage biopharmaceutical company that\nfocuses on developing small-molecule therapies designed to inhibit hunger and\ntreat metabolic diseases such as Prader-Willi Syndrome (\"PWS\"), a\nneurodevelopmental disorder condition that presents hyperphagia, or a feeling\nof extreme, insatiable hunger.\n\nThe complaint alleges that Aardvark misled investors regarding the viability\nand efficacy of its lead drug candidate ARD-101.\n\nInvestors who suffered significant losses during the Class Period may be\neligible to participate in the lawsuit and should contact\n(https://api.newsfilecorp.com/redirect/B5vBNI2Jqe) Robbins LLP for information\nabout becoming lead plaintiff before the October 13, 2026 deadline.\n\nListen to our podcast (https://api.newsfilecorp.com/redirect/5WRXpu3Vxg).\n\nWhy Was Aardvark Therapeutics Sued?\n\nThe complaint alleges that the Company's lead product candidate is ARD-101,\nwhich defendants have repeatedly described as a \"gut-restricted\"\nsmall-molecule agonist of certain TAS2Rs expressed in the gut lumen. To\nevaluate the effect of ARD-101on hyperphagia-related behavior in patients with\nPrader-Willi Syndrome, defendants commenced both a Phase 3 clinical trial,\nreferred to as the HERO trial, and an open-label extension.\n\nThe Offering Documents in support of the IPO informed investors that the\npreclinical data concerning ARD-101 \"suggest that ARD-101 shows potential to\nbe a well-tolerated, satiety-inducing drug.\"\n\nNotwithstanding, the complaint alleges that defendants failed to disclose\nthat:\n1. ARD-101 was less safe than defendants had led investors to believe;\n2. accordingly, ARD-101's clinical, regulatory, and commercial prospects were\noverstated; and\n3. as a result, defendants' public statements were materially false and\nmisleading at all relevant times.\nWhy Did AARD Stock Drop?\n\nThe complaint alleges that on February 27, 2026, Aardvark issued a press\nrelease \"announc[ing] it is voluntarily pausing the Phase 3 Hunger Elimination\nor Reduction Objective (HERO) trial.\" Aardvark attributed the decision to\n\"reversible cardiac observations at above target therapeutic doses found\nduring routine safety monitoring in a healthy volunteer study\" and said that\nit \"has voluntarily paused ongoing enrollment and dosing in the HERO trial\"\nwhile \"conducting a comprehensive review of the data to inform next steps.\" On\nthis news, Aardvark's stock price fell $7.02 per share, or 56.2%, to close at\n$5.47 per share on March 2, 2026.\n\nThen, on May 14, 2026, Aardvark issued a press release \"announc[ing] that the\nU.S. Food and Drug Administration (FDA) has placed a full clinical hold on its\ninvestigational new drug application (IND) for ARD-101 related to the\nCompany's previously announced voluntary pause.\" The press release specified\nthat \"[t]he clinical hold applies to all ongoing clinical studies under the\nIND, including the Phase 3 HERO trial (AVK-101-301) evaluating ARD-101 for the\ntreatment of hyperphagia in patients with Prader-Willi Syndrome (PWS) and the\nPhase 3 open-label extension (OLE) trial (AVK-101-302).\" On this news,\nAardvark's stock price fell $2.16 per share, or 32.1%, to close at $4.57 per\nshare on May 15, 2026.\n\nWho May Be Eligible to Participate in the AARD Class Action?\n\nThe lawsuit seeks to represent investors who purchased or otherwise acquired\n(i) AARD common stock pursuant to the Company's February 13, 2025 IPO; and/or\n(ii) AARD securities between February 13, 2025 and May 14, 2026. Investors who\nsuffered losses during that period may have legal rights under the federal\nsecurities laws.\n\nWhat Is a Lead Plaintiff?\n\nThe lead plaintiff is a court-appointed investor who represents the interests\nof all class members throughout the litigation. Serving as lead plaintiff is\nnot required to share in any potential recovery. Investors who do not seek\nappointment may remain absent class members if the case proceeds and later\nresolves successfully.\n\nStockholders who wish to seek appointment as lead plaintiff must do so by\nOctober 13, 2026.\n\nDoes It Cost Anything to Participate?\n\nNo. Robbins LLP represents investors on a contingency fee basis.\n\nContact Robbins LLP\n\nInvestors seeking additional information about the Aardvark Therapeutics\nsecurities class action may contact Robbins LLP by submitting\n(https://api.newsfilecorp.com/redirect/LqO07hpY2L) an inquiry, emailing\n(mailto:adumas@robbinsllp.com) attorney Aaron Dumas, Jr., or calling (800)\n350-6003.\n\nAbout Robbins LLP\n\nRobbins LLP (https://api.newsfilecorp.com/redirect/oPYaJcawj8) is a\nshareholder rights law firm focused on representing investors in securities\nfraud and shareholder litigation. The firm has helped recover more than $2\nbillion for investors, obtained significant corporate governance reforms, and\nhas represented shareholders in cases involving alleged violations of the\nfederal securities laws.\n\n\"Companies have an obligation to provide investors with complete and accurate\ninformation so that markets can function fairly and efficiently,\" said Brian\nJ. Robbins, Founding Partner of Robbins LLP.\n\nTo be notified if a class action against Aardvark Therapeutics, Inc. settles\nor to receive free alerts when corporate executives engage in wrongdoing, sign\nup for Stock Watch (https://api.newsfilecorp.com/redirect/OAgqLhRYzx) today.\n\nAttorney Advertising. Past results do not guarantee a similar outcome.\n\nContact:\nAaron Dumas, Jr.\nRobbins LLP\n5060 Shoreham Pl., Ste. 300\nSan Diego, CA 92122\nadumas@robbinsllp.com\n(800) 350-6003\nwww.robbinsllp.com\n\nFacebook (https://api.newsfilecorp.com/redirect/wEXa2UaQ42)\nLinkedIn (https://api.newsfilecorp.com/redirect/gJ5yxijmno)\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/314909"},"type":"article","timestamp":"2026-09-17T19:24:54.959508917Z","server_sent_at_ms":1789673094959},"received_at":"2026-09-17T19:24:55.015Z","source_url":"https://www.newsfilecorp.com/release/314909"},"analysis":{"id":"135681","press_release_id":"146849","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["Securities class action alleges IPO offering documents overstated ARD-101 safety and commercial prospects","FDA full clinical hold on ARD-101 IND covers all clinical studies, including the Phase 3 HERO and open-label extension trials","AARD lost 56.2% (to $5.47) after the February 2026 voluntary HERO trial pause over cardiac safety observations","Lead drug candidate's clinical and regulatory path is now blocked pending FDA hold resolution"],"eventType":"legal_litigation","narrative":"Robbins LLP, a shareholder rights law firm, is soliciting lead-plaintiff candidates for a securities class action against Aardvark Therapeutics (NASDAQ: AARD), with a deadline of October 13, 2026.\n\nThe complaint alleges Aardvark misled investors about the safety and efficacy of lead drug candidate ARD-101, covering buyers in the February 13, 2025 IPO and anyone who purchased between February 13, 2025 and May 14, 2026.\n\nThe underlying catalysts are already public: Aardvark voluntarily paused the Phase 3 HERO trial in Prader-Willi Syndrome in late February 2026 over reversible cardiac observations (stock fell 56.2% to $5.47), and the FDA placed a full clinical hold on the ARD-101 IND in May 2026 (stock fell 32.1% to $4.57).\n\nThis release is contingency-fee law-firm marketing, not new issuer disclosure; treat as low-signal noise.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Plaintiff-firm solicitation recapping already-public clinical hold news -- suppress; only resurface AARD on company updates about the FDA hold."},"keyFigures":{"customDimensions":{"class_period":"February 13, 2025 to May 14, 2026","lead_plaintiff_deadline":"October 13, 2026","stock_drop_mar_2026_pct":"-56.2%","stock_drop_may_2026_pct":"-32.1%","stock_drop_mar_2026_close":5.47,"stock_drop_may_2026_close":4.57}},"quotedText":"has placed a full clinical hold on its investigational new drug application (IND) for ARD-101","namedEntities":{"people":[{"name":"Aaron Dumas, Jr.","role":"attorney, Robbins LLP (contact)"},{"name":"Brian J. Robbins","role":"Founding Partner, Robbins LLP"}],"products":["ARD-101"],"companies":[{"name":"Robbins LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"issuer/defendant"}],"dollarAmounts":[{"amount":"$7.02 per share","context":"AARD stock decline on March 2, 2026 after HERO trial pause announcement"},{"amount":"$5.47 per share","context":"AARD closing price on March 2, 2026"},{"amount":"$2.16 per share","context":"AARD stock decline on May 15, 2026 after FDA clinical hold announcement"},{"amount":"$4.57 per share","context":"AARD closing price on May 15, 2026"},{"amount":"$2 billion","context":"total investor recoveries claimed by Robbins LLP in firm marketing"}]},"materialImpact":{"score":1,"reasoning":"Plaintiff law-firm solicitation issued by Robbins LLP for a previously filed securities class action; no new issuer disclosure, no certified class, and no settlement announced. The release merely recaps already-public events (HERO trial pause, FDA clinical hold)."},"tickerRelevance":{"others":[],"primary":"AARD"},"globalImportance":12,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"law-firm-solicitation","issuerAuthored":false,"underlyingContext":"class action follows 56.2% and 32.1% stock drops tied to HERO trial pause and FDA full clinical hold on ARD-101"}},"event_type":"legal_litigation","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"Robbins LLP, a shareholder rights law firm, is soliciting lead-plaintiff candidates for a securities class action against Aardvark Therapeutics (NASDAQ: AARD), with a deadline of October 13, 2026.\n\nThe complaint alleges Aardvark misled investors about the safety and efficacy of lead drug candidate ARD-101, covering buyers in the February 13, 2025 IPO and anyone who purchased between February 13, 2025 and May 14, 2026.\n\nThe underlying catalysts are already public: Aardvark voluntarily paused the Phase 3 HERO trial in Prader-Willi Syndrome in late February 2026 over reversible cardiac observations (stock fell 56.2% to $5.47), and the FDA placed a full clinical hold on the ARD-101 IND in May 2026 (stock fell 32.1% to $4.57).\n\nThis release is contingency-fee law-firm marketing, not new issuer disclosure; treat as low-signal noise.","key_figures":{"customDimensions":{"class_period":"February 13, 2025 to May 14, 2026","lead_plaintiff_deadline":"October 13, 2026","stock_drop_mar_2026_pct":"-56.2%","stock_drop_may_2026_pct":"-32.1%","stock_drop_mar_2026_close":5.47,"stock_drop_may_2026_close":4.57}},"named_entities":{"people":[{"name":"Aaron Dumas, Jr.","role":"attorney, Robbins LLP (contact)"},{"name":"Brian J. Robbins","role":"Founding Partner, Robbins LLP"}],"products":["ARD-101"],"companies":[{"name":"Robbins LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"issuer/defendant"}],"dollarAmounts":[{"amount":"$7.02 per share","context":"AARD stock decline on March 2, 2026 after HERO trial pause announcement"},{"amount":"$5.47 per share","context":"AARD closing price on March 2, 2026"},{"amount":"$2.16 per share","context":"AARD stock decline on May 15, 2026 after FDA clinical hold announcement"},{"amount":"$4.57 per share","context":"AARD closing price on May 15, 2026"},{"amount":"$2 billion","context":"total investor recoveries claimed by Robbins LLP in firm marketing"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-17T19:25:30.569Z","global_importance":12,"audience_relevance":12,"importance_components":{"tickerTier":"small-cap","eventGravity":"law-firm-solicitation","issuerAuthored":false,"underlyingContext":"class action follows 56.2% and 32.1% stock drops tied to HERO trial pause and FDA full clinical hold on ARD-101"}},"durationMs":35517,"modelName":"glm-5.3-flash"}}