Did You Purchase or Otherwisw Acquire Ardelyx Common Stock Between January 13, 2025 and August 6, 2026?
A securities class action has been filed on behalf of investors who purchased or otherwise acquired Ardelyx, Inc. (“Ardelyx” or the “Company”)(NASDAQ: ARDX) common stock between January 13, 2025 and August 6, 2026, inclusive (the “Class Period”).
The action, Broadwater v. Ardelyx, Inc., et al., Case No. 1:26-cv-14270, was filed on September 17, 2026 in the U.S. District Court for the District of Massachusetts. The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
What Does the Complaint Allege?
The complaint alleges that Defendants made positive statements about Ardelyx’s commercial growth and its ability to achieve projected revenue guidance and long-term growth targets for IBSRELA and XPHOZAH while making materially false and misleading statements and/or concealing material adverse facts concerning the true state of the products’ commercial performance and growth prospects.
Specifically, the complaint alleges that Ardelyx was facing increasing payer-related access and reimbursement barriers, including more stringent prior authorization requirements and step-edit requirements, that slowed new-patient starts and delayed prescription fulfillment. The complaint further alleges that Defendants continued to tout commercial growth and sustained product demand while minimizing increasing payer and access hurdles affecting IBSRELA and uncertainty surrounding XPHOZAH’s ability to achieve its long-term growth targets.
ARDX Stock Declines Following August 6 Disclosure
The complaint alleges that the truth emerged after the market closed on August 6, 2026, when Ardelyx reported that IBSRELA revenue was below expectations due to significantly increased utilization-management processes from payors. Ardelyx cut its full-year 2026 IBSRELA revenue guidance from $410-$430 million to $350-$370 million and withdrew its long-term XPHOZAH revenue guidance.
According to the complaint, Ardelyx’s common stock fell from a closing price of $4.87 per share on August 6, 2026 to $4.00 per share on August 7, 2026, a decline of approximately 18% in one day.
November 16, 2026 Lead Plaintiff Deadline
The deadline to seek appointment as lead plaintiff is November 16, 2026. You do not need to seek appointment as lead plaintiff to remain a member of the proposed class.
Ardelyx Investors: Contact Kehoe Law Firm
If you purchased or otherwise acquired Ardelyx common stock during the Class Period and suffered financial losses, you are encouraged to complete Kehoe Law Firm’s confidential Stockholder Information Request Form or send us a message to discuss your potential legal rights.
For a free, no-obligation legal evaluation, contact:
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, consumers, and employees 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.
Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning plaintiffs are not responsible for attorneys’ fees or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval.
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