A shareholder class action against Aardvark Therapeutics, Inc. alleges investors were misled about the safety of ARD-101, the company's drug candidate for hyperphagia in Prader-Willi Syndrome, and about the resulting clinical, regulatory and commercial outlook. The complaint says offering documents tied to Aardvark's Feb. 13, 2025 IPO and later class-period statements failed to disclose that ARD-101 was less safe than presented, including unexpected reversible cardiac observations such as QRS prolongation at above-target doses. Aardvark later paused its Phase 3 HERO trial on Feb. 27, 2026, sending the stock down more than 56%, and on May 14, 2026 said the FDA had placed a full clinical hold on ARD-101, halting HERO and the open-label extension while shares fell another 32.1%. Investors who bought IPO-linked shares or other securities during the class period can seek lead-plaintiff status by Oct. 13, 2026.