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NEW YORK, July 30, 2021--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Ardelyx Inc. (NASDAQ: ARDX) ("Ardelyx" or the "Company") and certain Ardelyx officers and directors, alleging violations of §§10 and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§78j(b) and 78t(a), and Securities and Exchange Commission (SEC) Rule 10b-5 promulgated thereunder, 17 C.F.R. §240.10b-5. If you purchased Ardelyx common stock between August 6, 2020 and July 19, 2021, inclusive (the "Class Period"), and have suffered significant losses, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
Ardelyx is a specialized biopharmaceutical company focused on developing medicine to improve treatment for people with cardiorenal disease, including patients with chronic kidney disease ("CKD") on dialysis suffering from elevated serum phosphorus, or hyperphosphatemia.
In June 2020, Ardelyx submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration ("FDA") for its lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with CKD on dialysis. Ardelyx’s NDA was purportedly supported by successful Phase 3 studies, which, according to the complaint, showed "improvements" over current treatments and supported tenapanor’s "clinical safety and efficacy," reinforcing its "potential" to be a "transformative" treatment.
After the market closed on July 19, 2021, however, Ardelyx revealed that it had received a letter from the FDA stating that it had detected issues with both the size and clinical relevance of the drug’s treatment effect. On this news, the Company’s share price declined, falling $9.71 per share, or nearly 74%, to close at $2.01 per share on July 20, 2021.
According to the complaint, Ardelyx and the other named defendants made materially false and misleading statements regarding tenapanor and the likelihood that it would be approved by the FDA during the Class Period, which led investors to suffer significant losses.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is September 28, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. The case is pending in the Northern District of California under docket number 4:21-cv-05868.
What You Can Do
If you purchased Ardelyx common stock during the Class Period, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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