Aardvark Therapeutics investors face a proposed securities class action alleging that the company overstated the safety, clinical progress, regulatory prospects and commercial potential of lead candidate ARD-101. The proposed class covers securities purchasers from February 13, 2025, through May 14, 2026, with an October 13, 2026 deadline to seek lead-plaintiff appointment. Separately, Grabar Law Office is investigating potential shareholder governance claims involving investors who bought shares on or shortly after the February 13, 2025 IPO and still hold them. The allegations concern representations that ARD-101 was approximately 99% gut-restricted, had limited systemic exposure and no serious adverse events. Aardvark paused enrollment and dosing in the Phase 3 HERO trial on February 27, 2026, after reversible cardiac observations at above-target therapeutic doses in a healthy-volunteer study, and the FDA placed a full clinical hold on the ARD-101 investigational new drug application on May 14. Shares closed at $5.47 on March 2 after an approximately 56% decline and at $4.57 on May 15, down 71.4% from the $16.00 February 2025 offering price.