Ardelyx, Inc. Class Action Lawsuit - ARDX
Case Summary
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The Ardelyx class action lawsuit seeks to represent purchasers or acquirers of Ardelyx, Inc. (NASDAQ: ARDX) securities between October 31, 2023 and July 1, 2024, inclusive (the “Class Period”). Captioned Yarborough v. Ardelyx, Inc., No. 24-cv-12119 (D. Mass.), the Ardelyx class action lawsuit charges Ardelyx and certain of Ardelyx’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Ardelyx class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Ardelyx class action lawsuit must be filed with the court no later than October 15, 2024.
CASE ALLEGATIONS: Ardelyx is a biotechnology company focused on developing and commercializing therapies for, among other things, patients with chronic kidney disease (“CKD”). According to Ardelyx, 550,000 people in the United States suffer from end stage renal disease (“ESRD”), which is the final stage of CKD characterized by a progressive loss of kidney function, the complaint alleges. According to the complaint, Ardelyx’s product, XPHOZAH, was approved to reduce elevated levels of phosphorus in the bloodstream in CKD patients on dialysis.
The Ardelyx class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Ardelyx had not reached a firm decision concerning whether or not to apply to include XPHOZAH in Transitional Drug Add-on Payment Adjustment (“TDAPA”), a program to pay for new ESRD-related therapies not yet in the ESRD Prospective Payment System (“ESRD PPS”) bundle , and could not, in fact, decide whether or not to submit such an application to the Centers for Medicare and Medicaid Services (“CMS”) until after defendants first reviewed CMS’s proposed calendar year 2025 ESRD PPS rule, which was only issued on June 27, 2024.
The Ardelyx class action lawsuit further alleges that on July 2, 2024, Ardelyx announced that it had chosen not to apply to include XPHOZAH in the ESRD PPS’s TDAPA. On this news, the price of Ardelyx stock fell more than 30%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Ardelyx securities during the Class Period to seek appointment as lead plaintiff in the Ardelyx class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Ardelyx class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Ardelyx class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Ardelyx class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.