A securities class action has been filed against Aardvark Therapeutics, Inc. (AARD) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Aardvark common stock pursuant and/or traceable to the Offering Documents on or about February 13, 2025 Aardvark securities between February 13, 2025 through May 14, 2026. This case has been filed in the USDC – SDCA.
On February 27, 2026, Aardvark 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 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.
Then, on May 14, 2026, Aardvark 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).”
On this news, Aardvark’s stock price fell $2.16 per share, or 32.1%, to close at $4.57 per share on May 15, 2026.