Law Offices of Frank R. Cruz Encourages Aardvark Therapeutics, Inc. (AARD) Shareholders to Inquire About Securities Fraud Class Action

Law Offices of Frank R. Cruz Encourages Aardvark Therapeutics, Inc. (AARD) Shareholders to Inquire About Securities Fraud Class Action LOS ANGELES--( BUSINESS WIRE)-- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) (NASDAQ: AARD) common stock between February 10, 2025 and May 14, 2026, inclusive (the “Class Period”). Aardvark investors have until October 13, 2026 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR AARDVARK THERAPEUTICS, INC. (AARD) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.

You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.

What Happened?

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” due to a “reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study” and said that it is “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, thereby injuring investors.

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 stated “[t]he clinical hold applies to all ongoing clinical studies under the IND, including the Phase 3 HERO trial (AVK-101-301… 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, thereby injuring investors.

What Is the Lawsuit About?

The complaint filed in this class action alleges that between February 10, 2025 and May 14, 2026, 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 to investors that: (i) ARD-101 was less safe than Defendants had led investors to believe; (ii) accordingly, ARD-101’s clinical, regulatory, and commercial prospects were overstated; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

If you purchased Aardvark common stock, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:

Law Offices of Frank R. Cruz

2121 Avenue of the Stars, Suite 800

Century City, CA 90067

Telephone: 310-914-5007

Email: info@frankcruzlaw.com

Visit our website at: www.frankcruzlaw.com

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.