A securities class action was filed against Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) and certain of its officers and directors on behalf of investors who purchased or otherwise acquired: (a) Aardvark 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”).

Aardvark common stock trades on the Nasdaq Global Select Market under the ticker symbol “AARD.”

According to the complaint, Aardvark issued 5,888,000 shares to the public at $16.00 per share in the IPO, generating proceeds of $87,613,440 after underwriting discounts and commissions.

Aardvark is a clinical-stage biopharmaceutical company developing small-molecule therapies intended to inhibit hunger and treat metabolic diseases, including Prader-Willi Syndrome. Its lead product candidate is ARD-101.

AARD investors who wish to seek appointment as lead plaintiff have until October 13, 2026 to move the Court. An investor’s ability to share in any potential recovery does not depend on serving as lead plaintiff.

Submit Your AARD Information: Kehoe Law Firm Stockholder Information Request Form

Aardvark Therapeutics Class Action & Allegations

The action, Wonderly v. Aardvark Therapeutics, Inc., et al., Case No. 3:26-cv-04643-BJC-GC, was filed on August 14, 2026, in the United States District Court for the Southern District of California.

Review the Aardvark Therapeutics securities class action complaint.

The complaint asserts claims under Sections 11 and 15 of the Securities Act of 1933 and the Securities Exchange Act of 1934 and alleges that the IPO offering documents were negligently prepared, contained untrue statements of material fact or omitted facts necessary to make the statements not misleading, and were not prepared in accordance with the rules and regulations governing their preparation. The complaint further alleges that, throughout the Class Period, the defendants made materially false or misleading statements concerning Aardvark’s business, operations, and prospects.

Specifically, the complaint alleges that the offering documents and the defendants made false or misleading statements and/or failed to disclose that:

• ARD-101 was less safe than the defendants had led investors to believe;
• ARD-101’s clinical, regulatory, and commercial prospects were overstated; and
• As a result, the defendants’ public statements were materially false and misleading at all relevant times.

The complaint alleges that, on February 27, 2026, Aardvark announced that it was voluntarily pausing enrollment and dosing in its Phase 3 Hunger Elimination or Reduction Objective (“HERO”) trial, while reviewing reversible cardiac observations found at above-target therapeutic doses during routine safety monitoring in a healthy-volunteer study.

According to the complaint, Aardvark’s stock price fell $7.02 per share, or 56.2%, to close at $5.47 per share on March 2, 2026.

The complaint further alleges that, on May 14, 2026, Aardvark announced that the U.S. Food and Drug Administration had placed a full clinical hold on the investigational new drug application for ARD-101. According to the announcement described in the complaint, the hold applied to all ongoing clinical studies under the application, including the Phase 3 HERO trial and the Phase 3 open-label extension trial evaluating ARD-101 for hyperphagia in patients with Prader-Willi Syndrome.

According to the complaint, Aardvark’s stock price fell $2.16 per share, or 32.1%, to close at $4.57 per share on May 15, 2026. The complaint also states that Aardvark common stock remained below the $16.00 IPO price when the complaint was filed.

AARD Investors: Contact Kehoe Law Firm

Investors who acquired Aardvark common stock pursuant and/or traceable to the IPO offering documents and/or purchased or otherwise acquired Aardvark securities during the Class Period and suffered financial losses may complete Kehoe Law Firm’s confidential Stockholder Information Request Form or contact the firm to receive a free, no-obligation evaluation of potential legal claims:

Michael Yarnoff, Esq.
(215) 792-6676, Ext. 804
[email protected]
[email protected]

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm representing investors and consumers in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, and retirement-plan mismanagement. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.

There is no cost or obligation to speak with the firm, and there are no upfront fees or litigation costs. We handle class action matters on a contingency-fee basis. Any attorneys’ fees or expenses sought in connection with a recovery are subject to court approval.

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