The complaint filed by the Law Offices of Howard G. Smith asserts that Aardvark Therapeutics issued materially false statements between February 10, 2025, and May 14, 2026. According to the filing, the company failed to disclose that ARD-101 possessed a worse safety profile than previously represented to the public. These omissions allegedly led to an overstatement of the drug’s clinical and regulatory prospects, artificially inflating the company's valuation during the specified period.

Shareholders who purchased stock during this window and suffered losses may contact Howard G. Smith at (215) 638-4847 or via email to discuss their legal standing. While the firm is currently soliciting lead plaintiffs, investors are not required to take immediate action to remain members of the class; they may choose to retain their own counsel or remain absent members as the litigation proceeds.