{"success":true,"data":{"pressRelease":{"id":"157014","rtpr_id":"nGNXbW7KD6-20260930","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":"Globe Newswire","published_at":"2026-09-30T14:41:18.097Z","article_body":"SAN FRANCISCO, Sept. 30, 2026 (GLOBE NEWSWIRE) --\n\nHagens Berman Sobol Shapiro LLP, a national shareholder rights firm, notifies\ninvestors in Aardvark Therapeutics, Inc. (NASDAQ: $AARD) of a pending\nsecurities class action lawsuit.\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, 2026\n(the Class Period), are encouraged to contact our firm now\n(https://www.globenewswire.com/Tracker?data=ttlWxu1NsLGJy3s2KTbe6z1TLPOZ99ZpYVBu2zq1JGTOUx3QvLY9FwWkpnhO7sldMjx4aOq3TDoFijSCEgINnxC1SaI9fNQD9PSX0EsDHOT5hE44WXsAm2HqBLa8VKmw13oMciXJkpcXYA1gOtLisWY3UKMyGuSvHL15lkLjhHH71ZXhfW2lp153PDIrpqZk).\n\nKey Case Details & Important Deadlines\n* Lead Plaintiff Motion Deadline: October 13, 2026\n* Visit: www.hbsslaw.com/aard\n* Contact the Firm Now: AARD@hbsslaw.com\n                                         \n              844-916-0895\n\nWatch our video on the Aardvark investigation: youtu.be/pY5E36QoCqo\n(https://www.globenewswire.com/Tracker?data=bEiMzd0fJvZlWK-AIBofgSV8bvFwJsftiAA6XoqEZ-DtNZqtYB5sBXVPevRTDGSWZz9EWhGz5DaKKTwoa7SV9nTmnumPuJRfrVWxiUB-P6s=)\n\nBlog: www.hbsslaw.com/blog/failed-pharma-aardvark-therapeutics-aard\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:\n1. That ARD-101 was significantly less safe than defendants had led investors\nto believe;\n2. That unexpected, reversible cardiac observations (such as QRS prolongation)\noccurred during trials at above-target doses; and\n3. 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* 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\nallegedly misled investors about ARD-101’s development, its safety and\nefficacy,” said Reed Kathrein\n(https://www.globenewswire.com/Tracker?data=Da24vw8AKv4wbnC36w9I0is_i2w52zwXRHUMCcvEmicdklGWg_F9HN6WNzcf1-vsB_gkhw2IPcAbIYQUAZQWf2f1DfEMNSJkBZFLO4dhmfXTiwJufaD_AYE9w3YnEnWD),\nthe 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* Submit Your Information to Hagens Berman\n(https://www.hbsslaw.com/cases/aardvark-therapeutics-inc-aard-securities-class-action)\n* Contact an Attorney: AARD@hbsslaw.com\n                                                   \n844-916-0895\n\nIf you’d like more information and answers to frequently asked questions\nabout the firm’s Aardvark investigation, read more\n(https://www.globenewswire.com/Tracker?data=x-MbVVUrXGjmWrBX-6rPfWWm8alZ4P7rC4bIN-4OsajT2j_ENj9MJfW-MsdnJ6Ns_I88J8lk3D9GK99iIOX0D9dggSB0OSKxj6qn1mYE8UYOL-BNr4aL2ORg1NZTq-wtMA8ECRfnl5DUR1HOA83CCOBActog5rolEtMZ1gEWV4g=)\n»\n(https://www.globenewswire.com/Tracker?data=KqJz6BSKfgDl8AOHd06qOwPEvIAigpIuF4F0LiWFL2dX3PZQtyeKgqfuO6eSyA62v4_s_wgnichlYXWeSyMNPG4zbrj0Xth5OFWzQDlMOpffMWHh7MYO8luH6ix19TGpTGOg81lsSjWJIhI5kssPEiyIb3FX6HxfLNVWbHAY_n0=)\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\n# # #\n\nAbout Hagens Berman\n(https://www.globenewswire.com/Tracker?data=4k2rYjsnZWGPuPoFEhJlq7H6e1crw1nfvSbSTqbqhSB9tWvCkqtKqHwulVv_gqBtr5DOoHu6lvDcnCo4kcN36-_n7pWvgRNpm_NLIy9SfR8=)\nHagens Berman is a global plaintiffs’ rights complex litigation firm\nfocusing on corporate accountability. The firm is home to a robust practice\nand represents investors as well as whistleblowers, workers, consumers and\nothers in cases achieving real results for those harmed by corporate\nnegligence and other wrongdoings. Hagens Berman’s team has secured more than\n$2.9 billion in this area of law. More about the firm and its successes can be\nfound at hbsslaw.com\n(https://www.globenewswire.com/Tracker?data=q6nrvCUwFRBpRfVMqH_vS1AKqoxJVCe1gYFV7cmaphK78psHoKvO_PYbuA7yDrnMTY5cYYaQHfls4Z6Yz2d1wg==).\nFollow the firm for updates and news at @ClassActionLaw. \n\nAttorney Advertising. Prior results do not guarantee a similar outcome in any\nfuture case.\n\nContact: Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300,\nBerkeley, CA 94710, 844-916-0895, AARD@hbsslaw.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7dc7990b-6a38-4779-9bf8-85d5a5efcb89\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/2c81cd72-0ffb-43c9-9d0f-b622c3e44e43)\nAardvark Therapeutics, Inc. (AARD) Securities Class Action \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/7dc7990b-6a38-4779-9bf8-85d5a5efcb89/en)\nHagens Berman Highlights Lawsuit Targeting Aardvark Therapeutics, Inc. (AARD)\nOver Alleged Misleading Statements\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNXbW7KD6-20260930","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":"Globe Newswire","ticker":"AARD","created":"2026-09-30T14:41:18.097Z","tickers":["AARD"],"exchange":"NASDAQ","article_body":"SAN FRANCISCO, Sept. 30, 2026 (GLOBE NEWSWIRE) --\n\nHagens Berman Sobol Shapiro LLP, a national shareholder rights firm, notifies\ninvestors in Aardvark Therapeutics, Inc. (NASDAQ: $AARD) of a pending\nsecurities class action lawsuit.\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, 2026\n(the Class Period), are encouraged to contact our firm now\n(https://www.globenewswire.com/Tracker?data=ttlWxu1NsLGJy3s2KTbe6z1TLPOZ99ZpYVBu2zq1JGTOUx3QvLY9FwWkpnhO7sldMjx4aOq3TDoFijSCEgINnxC1SaI9fNQD9PSX0EsDHOT5hE44WXsAm2HqBLa8VKmw13oMciXJkpcXYA1gOtLisWY3UKMyGuSvHL15lkLjhHH71ZXhfW2lp153PDIrpqZk).\n\nKey Case Details & Important Deadlines\n* Lead Plaintiff Motion Deadline: October 13, 2026\n* Visit: www.hbsslaw.com/aard\n* Contact the Firm Now: AARD@hbsslaw.com\n                                         \n              844-916-0895\n\nWatch our video on the Aardvark investigation: youtu.be/pY5E36QoCqo\n(https://www.globenewswire.com/Tracker?data=bEiMzd0fJvZlWK-AIBofgSV8bvFwJsftiAA6XoqEZ-DtNZqtYB5sBXVPevRTDGSWZz9EWhGz5DaKKTwoa7SV9nTmnumPuJRfrVWxiUB-P6s=)\n\nBlog: www.hbsslaw.com/blog/failed-pharma-aardvark-therapeutics-aard\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:\n1. That ARD-101 was significantly less safe than defendants had led investors\nto believe;\n2. That unexpected, reversible cardiac observations (such as QRS prolongation)\noccurred during trials at above-target doses; and\n3. 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* 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\nallegedly misled investors about ARD-101’s development, its safety and\nefficacy,” said Reed Kathrein\n(https://www.globenewswire.com/Tracker?data=Da24vw8AKv4wbnC36w9I0is_i2w52zwXRHUMCcvEmicdklGWg_F9HN6WNzcf1-vsB_gkhw2IPcAbIYQUAZQWf2f1DfEMNSJkBZFLO4dhmfXTiwJufaD_AYE9w3YnEnWD),\nthe 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* Submit Your Information to Hagens Berman\n(https://www.hbsslaw.com/cases/aardvark-therapeutics-inc-aard-securities-class-action)\n* Contact an Attorney: AARD@hbsslaw.com\n                                                   \n844-916-0895\n\nIf you’d like more information and answers to frequently asked questions\nabout the firm’s Aardvark investigation, read more\n(https://www.globenewswire.com/Tracker?data=x-MbVVUrXGjmWrBX-6rPfWWm8alZ4P7rC4bIN-4OsajT2j_ENj9MJfW-MsdnJ6Ns_I88J8lk3D9GK99iIOX0D9dggSB0OSKxj6qn1mYE8UYOL-BNr4aL2ORg1NZTq-wtMA8ECRfnl5DUR1HOA83CCOBActog5rolEtMZ1gEWV4g=)\n»\n(https://www.globenewswire.com/Tracker?data=KqJz6BSKfgDl8AOHd06qOwPEvIAigpIuF4F0LiWFL2dX3PZQtyeKgqfuO6eSyA62v4_s_wgnichlYXWeSyMNPG4zbrj0Xth5OFWzQDlMOpffMWHh7MYO8luH6ix19TGpTGOg81lsSjWJIhI5kssPEiyIb3FX6HxfLNVWbHAY_n0=)\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\n# # #\n\nAbout Hagens Berman\n(https://www.globenewswire.com/Tracker?data=4k2rYjsnZWGPuPoFEhJlq7H6e1crw1nfvSbSTqbqhSB9tWvCkqtKqHwulVv_gqBtr5DOoHu6lvDcnCo4kcN36-_n7pWvgRNpm_NLIy9SfR8=)\nHagens Berman is a global plaintiffs’ rights complex litigation firm\nfocusing on corporate accountability. The firm is home to a robust practice\nand represents investors as well as whistleblowers, workers, consumers and\nothers in cases achieving real results for those harmed by corporate\nnegligence and other wrongdoings. Hagens Berman’s team has secured more than\n$2.9 billion in this area of law. More about the firm and its successes can be\nfound at hbsslaw.com\n(https://www.globenewswire.com/Tracker?data=q6nrvCUwFRBpRfVMqH_vS1AKqoxJVCe1gYFV7cmaphK78psHoKvO_PYbuA7yDrnMTY5cYYaQHfls4Z6Yz2d1wg==).\nFollow the firm for updates and news at @ClassActionLaw. \n\nAttorney Advertising. Prior results do not guarantee a similar outcome in any\nfuture case.\n\nContact: Hagens Berman, Reed Kathrein, 715 Hearst Avenue, Suite 300,\nBerkeley, CA 94710, 844-916-0895, AARD@hbsslaw.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7dc7990b-6a38-4779-9bf8-85d5a5efcb89\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/2c81cd72-0ffb-43c9-9d0f-b622c3e44e43)\nAardvark Therapeutics, Inc. (AARD) Securities Class Action \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/7dc7990b-6a38-4779-9bf8-85d5a5efcb89/en)\nHagens Berman Highlights Lawsuit Targeting Aardvark Therapeutics, Inc. (AARD)\nOver Alleged Misleading Statements\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-30T14:41:18.133500525Z","server_sent_at_ms":1790779278133},"received_at":"2026-09-30T14:41:18.184Z","source_url":null},"analysis":{"id":"145690","press_release_id":"157014","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["pending securities fraud class action against the issuer","FDA full clinical hold on ARD-101 IND halting Phase 3 HERO and OLE trials","alleged undisclosed cardiac safety findings (QRS prolongation) in trials"],"eventType":"legal_litigation","narrative":"Hagens Berman issued a shareholder-solicitation notice alerting AARD investors to a pending securities fraud class action over ARD-101 disclosures; no new issuer disclosure is contained in the release.\n\nThe suit alleges Aardvark failed to disclose cardiac safety findings (QRS prolongation) for ARD-101 in IPO offering documents and during the February 2025 to May 2026 class period.\n\nThe release cites two prior catalysts: a 56%+ stock drop after the February 2026 voluntary pause of the Phase 3 HERO trial, and a further 32.1% drop after the May 2026 FDA clinical hold on ARD-101's IND.\n\nThis is law-firm marketing with an October 13, 2026 lead-plaintiff deadline, not new company news.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Plaintiff-firm class-action solicitation -- suppress; underlying safety/hold events already public."},"keyFigures":{"customDimensions":{"class_period_end":"May 14, 2026","class_period_start":"February 13, 2025","stock_drop_feb_2026":"over 56%","stock_drop_may_2026":"32.1%","lead_plaintiff_deadline":"October 13, 2026"}},"namedEntities":{"people":[{"name":"Reed Kathrein","role":"Hagens Berman partner leading the investigation"}],"products":["ARD-101"],"companies":[{"name":"Hagens Berman Sobol Shapiro LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"issuer/target of class action"}],"dollarAmounts":[{"amount":"$2.9 billion","context":"cumulative recoveries secured by Hagens Berman (firm boilerplate)"}]},"materialImpact":{"score":1,"reasoning":"Plaintiff law-firm solicitation issued by Hagens Berman regarding a pending securities class action. No new issuer disclosure, no certified class, no settlement; the underlying safety events (trial pause, FDA hold) are already public."},"tickerRelevance":{"others":[],"primary":"AARD"},"globalImportance":15,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap biotech","eventGravity":"law-firm-solicitation","issuerAuthored":false,"retailFavoriteBoost":0}},"event_type":"legal_litigation","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"Hagens Berman issued a shareholder-solicitation notice alerting AARD investors to a pending securities fraud class action over ARD-101 disclosures; no new issuer disclosure is contained in the release.\n\nThe suit alleges Aardvark failed to disclose cardiac safety findings (QRS prolongation) for ARD-101 in IPO offering documents and during the February 2025 to May 2026 class period.\n\nThe release cites two prior catalysts: a 56%+ stock drop after the February 2026 voluntary pause of the Phase 3 HERO trial, and a further 32.1% drop after the May 2026 FDA clinical hold on ARD-101's IND.\n\nThis is law-firm marketing with an October 13, 2026 lead-plaintiff deadline, not new company news.","key_figures":{"customDimensions":{"class_period_end":"May 14, 2026","class_period_start":"February 13, 2025","stock_drop_feb_2026":"over 56%","stock_drop_may_2026":"32.1%","lead_plaintiff_deadline":"October 13, 2026"}},"named_entities":{"people":[{"name":"Reed Kathrein","role":"Hagens Berman partner leading the investigation"}],"products":["ARD-101"],"companies":[{"name":"Hagens Berman Sobol Shapiro LLP","relationship":"plaintiff law firm"},{"name":"Aardvark Therapeutics, Inc.","ticker":"AARD","relationship":"issuer/target of class action"}],"dollarAmounts":[{"amount":"$2.9 billion","context":"cumulative recoveries secured by Hagens Berman (firm boilerplate)"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-30T14:41:24.817Z","global_importance":15,"audience_relevance":12,"importance_components":{"tickerTier":"small-cap biotech","eventGravity":"law-firm-solicitation","issuerAuthored":false,"retailFavoriteBoost":0}},"durationMs":6615,"modelName":"glm-5.3-flashx"}}