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NEW YORK, September 22, 2021--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action lawsuit has been filed against Ardelyx Inc. (NASDAQ: ARDX) ("Ardelyx" or the "Company") and certain of its officers and directors, alleging violations of §§10(b) and 20(a) of the Securities Exchange Act (15 U.S.C. §78j(b) and §78t(a)) and Rule 10b-5 promulgated thereunder (17 C.F.R. §240.10b-5). If you purchased Ardelyx securities between August 6, 2020 and July 19, 2021, inclusive (the "Class Period"), and have suffered a loss, realized or unrealized, you are encouraged to contact Jonathan Zimmerman for additional information at (888) 398-9312 or email@example.com. The lead plaintiff deadline is September 28, 2021.
Ardelyx is focused on discovering, developing, and commercializing innovative medicines for patients suffering from kidney and cardiorenal diseases.
On July 19, 2021, the U.S. Food and Drug Administration (FDA) flagged deficiencies in Ardelyx’s New Drug Application of tenapanor, a novel product candidate to control serum phosphorus in adult patients with chronic kidney disease on dialysis. In the letter, the FDA noted that a key issue is the size of the treatment effect and its clinical relevance.
On this news, Ardelyx’s stock plummeted, falling from $7.70 per share on July 19, 2021, to close at $2.01 per share on July 20, 2021, a decline of nearly 74%.
The pending lawsuit alleges that, during the Class Period, Ardelyx and the other defendants made materially false and misleading and failed to disclose material facts about tenapanor and the likelihood that it would be approved by the FDA.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is September 28, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Ardelyx securities between August 6, 2020 and July 19, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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