Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Aardvark Therapeutics, Inc. (AARD)

NEW YORK, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased or otherwise acquired Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) (NASDAQ: AARD) (a) common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about February 13, 2025 (the “IPO” or “Offering”); and/or (b) Aardvark securities between February 13, 2025 and May 14, 2026, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants failed to disclose to investors 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.

The Complaint alleges that the truth began to emerge on February 27, 2026, when Aardvark issued a press release “announc[ing] it is voluntarily pausing the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial.” The Complaint alleges that 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.”

The Complaint further alleges that on this news, Aardvark’s stock price fell $7.02 per share, or 56.2%, to close at $5.47 per share on March 2, 2026.

Investors who purchased or otherwise acquired shares of Aardvark should contact the Firm prior to the October 13, 2026 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.