The complaint centers on a period between February 10, 2025, and May 14, 2026. Plaintiffs allege that Aardvark Therapeutics misled the market by concealing significant risks associated with ARD-101. According to the court filing, the company failed to disclose that the drug was less safe than publicly claimed, leading to an overstatement of its regulatory and commercial potential. These omissions allegedly rendered the firm's public disclosures materially false throughout the specified timeframe.

Legal counsel from Glancy Prongay Wolke & Rotter LLP is currently organizing the class action. While no class has been formally certified, shareholders who purchased securities during the class period have the option to participate in the suit or retain independent counsel. Those interested in assuming the role of lead plaintiff must file their motion with the court by the October deadline. The firm, which reported significant investor recoveries in 2025, is managing inquiries via its Los Angeles office.