NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Ardelyx Inc. ("Ardelyx" or the "Company") (ARDX) - Get Ardelyx, Inc. Report from August 6, 2020 through July 19, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1934.
If you purchased Ardelyx securities, and/or would like to discuss your legal rights and options please visit Ardelyx Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
In June 2020, Ardelyx submitted a New Drug Application ("NDA") to the FDA for its lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis. The FDA accepted the NDA in September 2020 ad set a Prescription Drug User Fee Act date for April 29, 2021.
Ardelyx repeatedly lauded this regulatory development, highlighting the FDA's acceptance of the NDA, supported by so-called "successful" Phase 3 studies, in each subsequently filed quarterly report and in the Company's 2020 Annual Report. However, the Ardelyx complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding tenapanor and the likelihood that it would be approved by the FDA.
On July 19, 2021, after the market closet, Ardelyx revealed it had received a letter from the FDA stating that it had detected issues with both the size and clinical relevance of the drug's treatment effect which would preclude any further regulatory progress regarding tenapanor at that time.
On this news, the price of Ardelyx shares fell $5.69 per share, or 73.9%, to close at $2.01 per share on July 20, 2021, thereby injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 28, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Ardelyx securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/ardelyx-ardx-shareholder-class-action-lawsuit-fraud-stock-423/apply/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP