AARD Investor Notice: Hagens Berman Alerts Investors in Aardvark Therapeutics (AARD) to Filing of Securities Fraud Class Action

Hagens Berman Sobol Shapiro LLP, a national shareholder rights firm, notifies investors in Aardvark Therapeutics, Inc. (NASDAQ: AARD) of a pending securities class action lawsuit.

Investors who purchased or acquired Aardvark common stock pursuant and/or traceable to the offering documents issued in connection with the Company's initial public offering ( IPO ) on or about February 13, 2025, and/or purchased or acquired Aardvark securities between February 13, 2025 and May 14, 2026 (the Class Period), are encouraged to contact our firm now.

Key Case Details & Important Deadlines

Lead Plaintiff Motion Deadline: October 13, 2026

Visit: www.hbsslaw.com/aard

Contact the Firm Now: AARD@hbsslaw.com 844-916-0895

The complaint alleges that Aardvark Therapeutics, a clinical-stage biopharmaceutical company focused on developing small-molecule therapies targeting bitter taste receptors (TAS2Rs) such as ARD-101 for the treatment of hyperphagia in Prader-Willi Syndrome (PWS), made materially false and misleading statements and/or failed to disclose critical information.

Specifically, the action points out that the offering documents and defendants failed to disclose:

That ARD-101 was significantly less safe than defendants had led investors to believe;

That unexpected, reversible cardiac observations (such as QRS prolongation) occurred during trials at above-target doses; and

Consequently, Aardvark's clinical, regulatory, and commercial prospects-including the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial and open-label extension (OLE)-were materially overstated.

The Truth Emerges: Voluntarily Pause and FDA Clinical Hold

February 27, 2026: Aardvark announced it was voluntarily pausing its Phase 3 HERO trial due to "reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study." Following this news, Aardvark's stock price plummeted over 56%.

May 14, 2026: Aardvark announced that the U.S. Food and Drug Administration (FDA) placed a full clinical hold on its investigational new drug application (IND) for ARD-101, halting all ongoing studies under the IND, including the Phase 3 HERO trial and OLE trial. Aardvark's stock price fell another 32.1%.

Hagens Berman's Investigation

"We're investigating the suit's allegations, including that Aardvark allegedly misled investors about ARD-101's development, its safety and efficacy," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the claims in the pending suit.

What Can Aardvark Investors Do?

If you are a class member who suffered losses on Aardvark securities, you have until October 13, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. The firm welcomes AARD investors to contact the firm to discuss their legal rights and potential recovery options.

Submit Your Information to Hagens Berman

Contact an Attorney: AARD@hbsslaw.com 844-916-0895

Whistleblowers: Persons with non-public information regarding Aardvark Therapeutics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.