Ardelyx, Inc. faces a securities class action filed on behalf of investors who purchased its common stock between January 13, 2026, and August 6, 2026, inclusive. Rosen Law Firm alleges that defendants made materially false or misleading statements, or concealed material facts, about the commercial performance and growth prospects of Ardelyx's XPHOZAH and IBSRELA products. The complaint claims that increasing payer-related access and reimbursement barriers, including stricter prior authorization and step-edit requirements, slowed new-patient starts and delayed prescription fulfillment. Investors seeking to serve as lead plaintiff must move the court by November 16, 2026. No class has been certified, and investors are not represented by counsel unless they retain one.