{"success":true,"data":{"pressRelease":{"id":"152432","rtpr_id":"nPn75ZtCra-20260924","ticker":"AARD","exchange":"NASDAQ","all_tickers":["AARD"],"title":"AARD Investor Notice: Hagens Berman Alerts Investors in Aardvark Therapeutics (NASDAQ: AARD) to Filing of Securities Fraud Class Action, Encourages Investors with Losses to Contact the Firm","author":"PR Newswire","published_at":"2026-09-24T16:06:00.022Z","article_body":"AARD Investor Notice: Hagens Berman Alerts Investors in Aardvark Therapeutics (NASDAQ: AARD) to Filing of Securities Fraud Class Action, Encourages Investors with Losses to Contact the Firm\nPR Newswire\n\nSAN FRANCISCO, Sept. 24, 2026\n\nSAN FRANCISCO, Sept. 24, 2026 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP,\na national shareholder rights firm, notifies investors in Aardvark\nTherapeutics, Inc. (NASDAQ: AARD) of a pending securities class action\nlawsuit.\n\nInvestors who purchased or acquired Aardvark common stock pursuant and/or\ntraceable to the offering documents issued in connection with the Company's\ninitial public offering (IPO) on or about February 13, 2025, and/or purchased\nor acquired Aardvark securities between February 13, 2025 and May 14,\n2026 (the Class Period), are encouraged to contact our firm now\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2815144271&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=contact+our+firm+now)\n.\n\nKey Case Details & Important Deadlines\n\n * Lead Plaintiff Motion Deadline: October 13, 2026\n * Visit:\nwww.hbsslaw.com/aard\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=1816393237&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=www.hbsslaw.com%2Faard)\n\n \n * Contact the Firm Now:\nAARD@hbsslaw.com (mailto:AARD@hbsslaw.com)\n\n                                       844-916-0895\nWatch our video on the Aardvark investigation: youtu.be/pY5E36QoCqo\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2328489550&u=https%3A%2F%2Fyoutu.be%2FpY5E36QoCqo&a=youtu.be%2FpY5E36QoCqo)\n\nWhat is the Lawsuit About?\n\nThe complaint alleges that Aardvark Therapeutics, a clinical-stage\nbiopharmaceutical company focused on developing small-molecule therapies\ntargeting bitter taste receptors (TAS2Rs) such as ARD-101 for the treatment of\nhyperphagia in Prader-Willi Syndrome (PWS), made materially false and\nmisleading statements and/or failed to disclose critical information.\n\nSpecifically, the action points out that the offering documents and defendants\nfailed to disclose:\n\n 1. That ARD-101 was significantly less safe than defendants had led investors to\nbelieve;\n 2. That unexpected, reversible cardiac observations (such as QRS prolongation)\noccurred during trials at above-target doses; and\n 3. Consequently, Aardvark's clinical, regulatory, and commercial\nprospects—including the Phase 3 Hunger Elimination or Reduction Objective\n(HERO) trial and open-label extension (OLE)—were materially overstated.\nThe Truth Emerges: Voluntarily Pause and FDA Clinical Hold\n\n * February 27, 2026: Aardvark announced it was voluntarily pausing its Phase 3\nHERO trial due to \"reversible cardiac observations at above target therapeutic\ndoses found during routine safety monitoring in a healthy volunteer study.\"\nFollowing this news, Aardvark's stock price plummeted over 56%.\n * May 14, 2026:  Aardvark announced that the U.S. Food and Drug Administration\n(FDA) placed a full clinical hold on its investigational new drug application\n(IND) for ARD-101, halting all ongoing studies under the IND, including the\nPhase 3 HERO trial and OLE trial. Aardvark's stock price fell another 32.1%.\nHagens Berman's Investigation\n\n\"We're investigating the suit's allegations, including that Aardvark allegedly\nmisled investors about ARD-101's development, its safety and efficacy,\" said\nReed Kathrein\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2587528264&u=https%3A%2F%2Fwww.hbsslaw.com%2Fattorneys%2Freed-kathrein&a=Reed+Kathrein)\n, the Hagens Berman partner leading the firm's investigation of the claims in\nthe pending suit.\n\nWhat Can Aardvark Investors Do?\n\nIf you are a class member who suffered losses on Aardvark securities, you have\nuntil October 13, 2026, to ask the Court to appoint you as Lead Plaintiff for\nthe class.  The firm welcomes AARD investors to contact the firm to discuss\ntheir legal rights and potential recovery options.\n\n * Submit Your Information to Hagens Berman\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=488321829&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=Submit+Your+Information+to+Hagens+Berman)\n * Contact an Attorney:\nAARD@hbsslaw.com (mailto:AARD@hbsslaw.com)\n\n                                    844-916-0895\nIf you'd like more information and answers to frequently asked questions about\nthe firm's Aardvark investigation, read more »\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3252792618&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=read+more%C2%A0%C2%BB)\n\nWhistleblowers: Persons with non-public information regarding Aardvark\nTherapeutics should consider their options to help in the investigation or\ntake advantage of the SEC Whistleblower program. Under the new program,\nwhistleblowers who provide original information may receive rewards totaling\nup to 30 percent of any successful recovery made by the SEC. For more\ninformation, call Reed Kathrein at 844-916-0895 or email AARD@hbsslaw.com\n(mailto:AARD@hbsslaw.com) .\n\nAbout Hagens Berman\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=32046636&u=https%3A%2F%2Fwww.hbsslaw.com%2F&a=About+Hagens+Berman)\n\nHagens Berman is a global plaintiffs' rights complex litigation firm focusing\non corporate accountability. The firm is home to a robust practice and\nrepresents investors as well as whistleblowers, workers, consumers and others\nin cases achieving real results for those harmed by corporate negligence and\nother wrongdoings. Hagens Berman's team has secured more than $2.9 billion in\nthis area of law. More about the firm and its successes can be found\nat hbsslaw.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3830453013&u=https%3A%2F%2Fwww.hbsslaw.com%2F&a=hbsslaw.com)\n. Follow the firm for updates and news at @ClassActionLaw\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3738033179&u=https%3A%2F%2Fwww.twitter.com%2FClassActionLaw&a=%40ClassActionLaw)\n.\n\nAttorney Advertising. Prior results do not guarantee a similar outcome in any\nfuture case.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/aard-investor-notice-hagens-berman-alerts-investors-in-aardvark-therapeutics-nasdaq-aard-to-filing-of-securities-fraud-class-action-encourages-investors-with-losses-to-contact-the-firm-302889443.html\n(https://www.prnewswire.com/news-releases/aard-investor-notice-hagens-berman-alerts-investors-in-aardvark-therapeutics-nasdaq-aard-to-filing-of-securities-fraud-class-action-encourages-investors-with-losses-to-contact-the-firm-302889443.html)\n\nSOURCE Hagens Berman Sobol Shapiro LLP\n\n\n\nHagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, 844-916-0895, AARD@hbsslaw.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1117217/Hagens-Berman-Sobol-Shapiro-LLP-Logo.jpg?id=OA2969683\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn75ZtCra-20260924","title":"AARD Investor Notice: Hagens Berman Alerts Investors in Aardvark Therapeutics (NASDAQ: AARD) to Filing of Securities Fraud Class Action, Encourages Investors with Losses to Contact the Firm","author":"PR Newswire","ticker":"AARD","created":"2026-09-24T16:06:00.022Z","tickers":["AARD"],"exchange":"NASDAQ","article_body":"AARD Investor Notice: Hagens Berman Alerts Investors in Aardvark Therapeutics (NASDAQ: AARD) to Filing of Securities Fraud Class Action, Encourages Investors with Losses to Contact the Firm\nPR Newswire\n\nSAN FRANCISCO, Sept. 24, 2026\n\nSAN FRANCISCO, Sept. 24, 2026 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP,\na national shareholder rights firm, notifies investors in Aardvark\nTherapeutics, Inc. (NASDAQ: AARD) of a pending securities class action\nlawsuit.\n\nInvestors who purchased or acquired Aardvark common stock pursuant and/or\ntraceable to the offering documents issued in connection with the Company's\ninitial public offering (IPO) on or about February 13, 2025, and/or purchased\nor acquired Aardvark securities between February 13, 2025 and May 14,\n2026 (the Class Period), are encouraged to contact our firm now\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2815144271&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=contact+our+firm+now)\n.\n\nKey Case Details & Important Deadlines\n\n * Lead Plaintiff Motion Deadline: October 13, 2026\n * Visit:\nwww.hbsslaw.com/aard\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=1816393237&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=www.hbsslaw.com%2Faard)\n\n \n * Contact the Firm Now:\nAARD@hbsslaw.com (mailto:AARD@hbsslaw.com)\n\n                                       844-916-0895\nWatch our video on the Aardvark investigation: youtu.be/pY5E36QoCqo\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2328489550&u=https%3A%2F%2Fyoutu.be%2FpY5E36QoCqo&a=youtu.be%2FpY5E36QoCqo)\n\nWhat is the Lawsuit About?\n\nThe complaint alleges that Aardvark Therapeutics, a clinical-stage\nbiopharmaceutical company focused on developing small-molecule therapies\ntargeting bitter taste receptors (TAS2Rs) such as ARD-101 for the treatment of\nhyperphagia in Prader-Willi Syndrome (PWS), made materially false and\nmisleading statements and/or failed to disclose critical information.\n\nSpecifically, the action points out that the offering documents and defendants\nfailed to disclose:\n\n 1. That ARD-101 was significantly less safe than defendants had led investors to\nbelieve;\n 2. That unexpected, reversible cardiac observations (such as QRS prolongation)\noccurred during trials at above-target doses; and\n 3. Consequently, Aardvark's clinical, regulatory, and commercial\nprospects—including the Phase 3 Hunger Elimination or Reduction Objective\n(HERO) trial and open-label extension (OLE)—were materially overstated.\nThe Truth Emerges: Voluntarily Pause and FDA Clinical Hold\n\n * February 27, 2026: Aardvark announced it was voluntarily pausing its Phase 3\nHERO trial due to \"reversible cardiac observations at above target therapeutic\ndoses found during routine safety monitoring in a healthy volunteer study.\"\nFollowing this news, Aardvark's stock price plummeted over 56%.\n * May 14, 2026:  Aardvark announced that the U.S. Food and Drug Administration\n(FDA) placed a full clinical hold on its investigational new drug application\n(IND) for ARD-101, halting all ongoing studies under the IND, including the\nPhase 3 HERO trial and OLE trial. Aardvark's stock price fell another 32.1%.\nHagens Berman's Investigation\n\n\"We're investigating the suit's allegations, including that Aardvark allegedly\nmisled investors about ARD-101's development, its safety and efficacy,\" said\nReed Kathrein\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=2587528264&u=https%3A%2F%2Fwww.hbsslaw.com%2Fattorneys%2Freed-kathrein&a=Reed+Kathrein)\n, the Hagens Berman partner leading the firm's investigation of the claims in\nthe pending suit.\n\nWhat Can Aardvark Investors Do?\n\nIf you are a class member who suffered losses on Aardvark securities, you have\nuntil October 13, 2026, to ask the Court to appoint you as Lead Plaintiff for\nthe class.  The firm welcomes AARD investors to contact the firm to discuss\ntheir legal rights and potential recovery options.\n\n * Submit Your Information to Hagens Berman\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=488321829&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=Submit+Your+Information+to+Hagens+Berman)\n * Contact an Attorney:\nAARD@hbsslaw.com (mailto:AARD@hbsslaw.com)\n\n                                    844-916-0895\nIf you'd like more information and answers to frequently asked questions about\nthe firm's Aardvark investigation, read more »\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3252792618&u=https%3A%2F%2Fwww.hbsslaw.com%2Fcases%2Faardvark-therapeutics-inc-aard-securities-class-action&a=read+more%C2%A0%C2%BB)\n\nWhistleblowers: Persons with non-public information regarding Aardvark\nTherapeutics should consider their options to help in the investigation or\ntake advantage of the SEC Whistleblower program. Under the new program,\nwhistleblowers who provide original information may receive rewards totaling\nup to 30 percent of any successful recovery made by the SEC. For more\ninformation, call Reed Kathrein at 844-916-0895 or email AARD@hbsslaw.com\n(mailto:AARD@hbsslaw.com) .\n\nAbout Hagens Berman\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=32046636&u=https%3A%2F%2Fwww.hbsslaw.com%2F&a=About+Hagens+Berman)\n\nHagens Berman is a global plaintiffs' rights complex litigation firm focusing\non corporate accountability. The firm is home to a robust practice and\nrepresents investors as well as whistleblowers, workers, consumers and others\nin cases achieving real results for those harmed by corporate negligence and\nother wrongdoings. Hagens Berman's team has secured more than $2.9 billion in\nthis area of law. More about the firm and its successes can be found\nat hbsslaw.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3830453013&u=https%3A%2F%2Fwww.hbsslaw.com%2F&a=hbsslaw.com)\n. Follow the firm for updates and news at @ClassActionLaw\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782377-1&h=3738033179&u=https%3A%2F%2Fwww.twitter.com%2FClassActionLaw&a=%40ClassActionLaw)\n.\n\nAttorney Advertising. Prior results do not guarantee a similar outcome in any\nfuture case.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/aard-investor-notice-hagens-berman-alerts-investors-in-aardvark-therapeutics-nasdaq-aard-to-filing-of-securities-fraud-class-action-encourages-investors-with-losses-to-contact-the-firm-302889443.html\n(https://www.prnewswire.com/news-releases/aard-investor-notice-hagens-berman-alerts-investors-in-aardvark-therapeutics-nasdaq-aard-to-filing-of-securities-fraud-class-action-encourages-investors-with-losses-to-contact-the-firm-302889443.html)\n\nSOURCE Hagens Berman Sobol Shapiro LLP\n\n\n\nHagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300, Berkeley, CA 94710, 844-916-0895, AARD@hbsslaw.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1117217/Hagens-Berman-Sobol-Shapiro-LLP-Logo.jpg?id=OA2969683\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-24T16:06:00.066472693Z","server_sent_at_ms":1790265960066},"received_at":"2026-09-24T16:06:00.117Z","source_url":"https://www.prnewswire.com/news-releases/aard-investor-notice-hagens-berman-alerts-investors-in-aardvark-therapeutics-nasdaq-aard-to-filing-of-securities-fraud-class-action-encourages-investors-with-losses-to-contact-the-firm-302889443.html"},"analysis":{"id":"141234","press_release_id":"152432","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["underlying FDA clinical hold on ARD-101 IND and paused Phase 3 HERO trial","pending securities fraud class action related to IPO disclosures"],"eventType":"legal_litigation","narrative":"Hagens Berman issued a shareholder-solicitation notice alerting Aardvark Therapeutics (AARD) investors to a pending securities fraud class action tied to its February 2025 IPO.\n\nThe suit alleges the company failed to disclose cardiac safety findings (QRS prolongation) for ARD-101; the stock fell 56% after a February 2026 Phase 3 HERO trial pause and another 32.1% after an FDA clinical hold in May 2026.\n\nLead plaintiff deadline is October 13, 2026. This release is law-firm marketing, not an issuer disclosure; treat as low-signal noise beyond confirming the litigation exists.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Plaintiff-firm solicitation -- suppress; note only the underlying FDA clinical hold if not already flagged."},"keyFigures":{"customDimensions":{"class_period":"February 13, 2025 to May 14, 2026","stock_drop_feb_2026":"56%","stock_drop_may_2026":"32.1%","lead_plaintiff_deadline":"October 13, 2026"}},"namedEntities":{"people":[{"name":"Reed Kathrein","role":"Hagens Berman partner leading investigation"}],"products":["ARD-101"],"companies":[{"name":"Hagens Berman Sobol Shapiro LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"target of class action"}],"dollarAmounts":[{"amount":"$2.9 billion","context":"Hagens Berman's historical recoveries in complex litigation"}]},"materialImpact":{"score":1,"reasoning":"Plaintiff law-firm solicitation issued by Hagens Berman under its own name. The underlying securities class action exists, but this release is investor solicitation with no new issuer disclosure, certified class, or settlement."},"tickerRelevance":{"others":[],"primary":"AARD"},"globalImportance":15,"audienceRelevance":10,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap clinical-stage biotech","eventGravity":"law-firm-solicitation","issuerAuthored":false,"underlyingEventSeverity":"clinical hold already disclosed"}},"event_type":"legal_litigation","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"Hagens Berman issued a shareholder-solicitation notice alerting Aardvark Therapeutics (AARD) investors to a pending securities fraud class action tied to its February 2025 IPO.\n\nThe suit alleges the company failed to disclose cardiac safety findings (QRS prolongation) for ARD-101; the stock fell 56% after a February 2026 Phase 3 HERO trial pause and another 32.1% after an FDA clinical hold in May 2026.\n\nLead plaintiff deadline is October 13, 2026. This release is law-firm marketing, not an issuer disclosure; treat as low-signal noise beyond confirming the litigation exists.","key_figures":{"customDimensions":{"class_period":"February 13, 2025 to May 14, 2026","stock_drop_feb_2026":"56%","stock_drop_may_2026":"32.1%","lead_plaintiff_deadline":"October 13, 2026"}},"named_entities":{"people":[{"name":"Reed Kathrein","role":"Hagens Berman partner leading investigation"}],"products":["ARD-101"],"companies":[{"name":"Hagens Berman Sobol Shapiro LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"target of class action"}],"dollarAmounts":[{"amount":"$2.9 billion","context":"Hagens Berman's historical recoveries in complex litigation"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-24T16:06:05.051Z","global_importance":15,"audience_relevance":10,"importance_components":{"tickerTier":"small-cap clinical-stage biotech","eventGravity":"law-firm-solicitation","issuerAuthored":false,"underlyingEventSeverity":"clinical hold already disclosed"}},"durationMs":4891,"modelName":"glm-5.3-flashx"}}