Ardelyx Inc.

Ardelyx Inc.

Ticker: ARDX

Class Period Start: 08/06/2020

Class Period End: 07/19/2021

Registration Deadline: 09/28/2021

Ardelyx Inc. (“Ardelyx” or the “Company”) is a specialized biopharmaceutical company focused on developing medicine to improve treatment for people with cardiorenal disease, including patients with chronic kidney disease (“CKD”) on dialysis suffering from elevated serum phosphorus, or hyperphosphatemia.

In June 2020, Ardelyx submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with CKD on dialysis.  Ardelyx’s NDA was purportedly supported by successful Phase 3 studies, which, according to the complaint, showed “improvements” over current treatments and supported tenapanor’s “clinical safety and efficacy,” reinforcing its “potential” to be a “transformative” treatment.

After the market closed on July 19, 2021, however, Ardelyx revealed that it had received a letter from the FDA stating that it had detected issues with both the size and clinical relevance of the drug’s treatment effect.

On this news, the Company’s share price declined, falling $9.71 per share, or nearly 74%, to close at $2.01 per share on July 20, 2021.

A securities class action has been filed against Ardelyx on behalf of shareholders that purchased Ardelyx shares between August 6, 2020 through July 19, 2021.  This case has been filed in the U.S. District Court for the Southern District of New York.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose information to investors regarding tenapanor and the likelihood that it would be approved by the FDA, which led investors to suffer significant losses.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Purchases

Sales

Please Note

Neither the submission to nor the receipt of information by Lowey Dannenberg or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* Indicates a required field.

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.