A securities class action has been filed in the USDC — MA. against Ardelyx, Inc. (ARDX) (“Ardelyx” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired Ardelyx securities between October 31, 2023 and July 1, 2024, both dates inclusive (the “Class Period”).

Ardelyx is a biotechnology company focused on developing and commercializing therapies for, among other things, patients with chronic kidney disease (“CKD”). According to Ardelyx, 550,000 people in the U.S. suffer from end stage renal disease (“ESRD”), which is the final stage of CKD characterized by a progressive loss of kidney function.

The Complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding Ardelyx’s future revenue and funding requirements, and the commercial success of XPHOZAH. Among other things, Ardelyx would apply to include XPHOZAH in TDAPA when in fact, Ardelyx had not yet reached a firm decision concerning whether or not to apply to include XPHOZAH in TDAPA.

On July 2, 2024, the sudden change in strategy for XPHOZAH shocked the market, and upon the news, Ardelyx’s stock price fell $2.29 per share, or 30.25%, to close at $5.28 per share on the same day.

If you purchased Ardelyx securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.