The complaint filed by the Law Offices of Frank R. Cruz contends that Aardvark Therapeutics misled shareholders by concealing critical data about its primary clinical asset. According to the filing, the company failed to disclose that ARD-101 posed greater safety risks than publicly acknowledged, which in turn inflated expectations for the drug's regulatory and commercial success. These omissions allegedly rendered the company’s public statements during the 15-month class period materially false.

Parties seeking to participate in the litigation or those with questions regarding their legal standing must contact the firm by the October deadline. Shareholders are not required to take immediate action to remain members of the class, as they retain the right to select their own legal counsel or remain as absent members in the proceedings.