A securities class action has been filed against Aardvark Therapeutics, Inc. (NASDAQ: AARD), alleging that the clinical-stage biopharmaceutical company misled investors about the safety, efficacy and prospects of its lead drug candidate ARD-101. The proposed class covers investors who purchased Aardvark common stock in the company’s February 13, 2025 initial public offering and/or acquired Aardvark securities between February 13, 2025 and May 14, 2026. ARD-101 is a gut-restricted small-molecule agonist of certain TAS2Rs being evaluated for hyperphagia associated with Prader-Willi Syndrome. The complaint alleges that Aardvark overstated the candidate’s safety and clinical, regulatory and commercial prospects. The company voluntarily paused enrollment and dosing in its Phase 3 HERO trial on February 27, 2026, after reversible cardiac observations at above-target doses were identified during routine monitoring of healthy volunteers. The stock fell 56.2% to $5.47 on March 2. On May 14, Aardvark said the FDA had placed a full clinical hold on ARD-101’s IND, covering the HERO trial and Phase 3 open-label extension; shares fell 32.1% to $4.57 on May 15. Investors seeking appointment as lead plaintiff must act by October 13, 2026.