Lawsuit ALERT: Investors who lost money with shares of Aardvark Therapeutics, Inc. (NASDAQ: AARD)

An investor, who purchased shares of Aardvark Therapeutics, Inc. (NASDAQ: AARD), filed a lawsuit over alleged violations of Federal Securities Laws by Aardvark Therapeutics, Inc. in connection with certain allegedly false and misleading statements made in connection with the Company's initial public offering conducted on or about February 13, 2025 (the "IPO" or "Offering"); and/or Aardvark securities between February 13, 2025 and May 14, 2026.

Investors who purchased shares of Aardvark Therapeutics, Inc. (NASDAQ: AARD) have certain options and for certain investors are short and strict deadlines running. Deadline: October 13, 2026. NASDAQ: AARD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Diego, CA based Aardvark Therapeutics, Inc., a clinical-stage biopharmaceutical company that focuses on developing small-molecule therapies designed to inhibit hunger and treat metabolic diseases such as Prader-Willi Syndrome ("PWS"), a neurodevelopmental disorder condition that presents hyperphagia, or a feeling of extreme, insatiable hunger.

Aardvark Therapeutics, Inc. has focused its efforts on developing selective compounds that target Bitter Taste Receptors ("TAS2Rs") for hunger-associated conditions. Per Aardvark Therapeutics, Inc.'s research, activating TAS2Rs can induce secretion of endrogenous signaling molecules, including cholecystokinin ("CCK") and glucagon-like peptide-1. Defendants further claim that CCK "has long been recognized as a promising pharmaceutical target because its release is triggered with food and helps suppress hunger".

The Company's lead product candidate is ARD-101, which Aardvark Therapeutics, Inc. have described as a "gut-restricted" small-molecule agonist of certain TAS2Rs expressed in the gut lumen. To evaluate the effect of ARD-101 on hyperphagia-related behavior in patients with PWS, Defendants commenced both a Phase 3 clinical trial, referred to as the Hunger Elimination or Reduction Objective ("HERO") trial, and an open-label extension.

On January 23, 2025, Aardvark Therapeutics, Inc. filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after amendment, was declared effective by the SEC on February 12, 2025 (the "Registration Statement").

On February 13, 2025, Aardvark Therapeutics, Inc. filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, collectively with the Registration Statement, the "Offering Documents").The same day, Aardvark's common stock began publicly trading on the Nasdaq Global Select Market under the ticker symbol "AARD".

Pursuant to the Offering Documents, Aardvark issued 5,888,000 shares of its common stock to the public at the Offering price of $16.00 per share for proceeds of $87,613,440, after underwriting discounts and commissions

Then on February 27, 2026, Aardvark Therapeutics, Inc. issued a press release "announc[ing] it is voluntarily pausing the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial." Aardvark attributed the decision to "reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study" and said that it "has voluntarily paused ongoing enrollment and dosing in the HERO trial" while "conducting a comprehensive review of the data to inform next steps."

On May 14, 2026, Aardvark Therapeutics, Inc. 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 specified that "[t]he clinical hold applies to all ongoing clinical studies under the IND, including the Phase 3 HERO trial (AVK-101-301) evaluating ARD-101 for the treatment of hyperphagia in patients with Prader-Willi Syndrome (PWS) and the Phase 3 open-label extension (OLE) trial (AVK-101-302)."

Shares of Aardvark Therapeutics, Inc. (NASDAQ: AARD) declined from $19.58 per share on February 20, 2025, to as low as $3.40 per share on June 11, 2026.

According to the complaint the plaintiff alleges on behalf of purchasers of Aardvark Therapeutics, Inc. (NASDAQ: AARD) common shares that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Offering Documents that were filed in connection with the companies IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, the plaintiff alleges that, between February 13, 2025 and May 14, 2026, the defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) ARD-101 was less safe than Defendants had led investors to believe; (ii) accordingly, ARD-101's clinical, regulatory, and commercial prospects were overstated; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times.

Those who purchased shares of Aardvark Therapeutics, Inc. (NASDAQ: AARD) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.