Two separate securities class actions announced in New York on September 28, 2026, involve Phoenix American Hospitality and Ardelyx, Inc. The Phoenix complaint covers securities acquired from March 1, 2022, through July 31, 2024, and alleges false or misleading statements about the company’s business and operations. The Ardelyx complaint covers common-stock purchases from January 13, 2025, through August 6, 2026, and alleges that Ardelyx overstated the commercial performance and growth prospects of XPHOZAH and IBSRELA while concealing payer-related access and reimbursement barriers. Investors in either action have until November 16, 2026, to seek lead-plaintiff status; no class has been certified in the Ardelyx case, and participation in any potential recovery does not require serving as lead plaintiff.