Grabar Law Office is investigating whether certain officers and directors of Ardelyx, Inc. (NYSE: ARDX) breached their fiduciary duties owed to the Company and its shareholders.

Ardelyx, Inc. discovers, develops, and commercializes medicines to treat unmet medical needs in the United States and internationally. The company offers IBSRELA, a minimally absorbed small molecule therapy for the treatment of patients with irritable bowel syndrome with constipation; and XPHOZAH, a phosphate absorption inhibitor to reduce serum phosphorus in adults with chronic kidney disease on dialysis.

What is Alleged? As alleged in a recently filed federal securities fraud class action complaint, Ardelyx, Inc. (NYSE: ARDX), through certain of its officers, provided investors with material information concerning Ardelyx’s fiscal year 2026 revenue outlook for its two core drug products, XPHOZAH and IBSRELA, as well as their anticipated long-term growth. Defendants’ statements included, among other things, confidence in the Company's continued commercial growth and ability to execute its commercial strategy to overcome payer and patient-access barriers, and its ability to achieve its projected revenue guidance and long-term growth targets.

It is alleged that Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Ardelyx’s commercial performance and growth prospects for XPHOZAH and IBSRELA, and in particular the increasing payer-related access and reimbursement barriers affecting patient access, more stringent prior authorization requirements and step edit requirements that slowed new-patient starts and delayed prescription fulfillment. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Ardelyx’s securities at artificially inflated prices.

It is further alleged that the truth emerged after the market closed on August 6, 2026, when Ardelyx issued a press release a reduction in its full-year 2026 IBSRELA revenue guidance and withdrawal of its long-term XPHOZAH revenue guidance. Management attributed the reduction on significantly increased payer utilization-management processes that restricted patient access to IBSRELA and slowed new-patient starts. Further, Defendants withdrew their long-term XPHOZAH revenue guidance due to “evolving market dynamics” and uncertainty regarding future growth projections.

What Can You Do Now? Current Ardelyx (NYSE: ARDX) shareholders who have held Ardelyx shares since on or before January 13, 2025, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them whatsoever.  If you would like to learn more about this matter, you are encouraged to contact us at jgrabar@grabarlaw.com, or call 267-507-6085.  Alternatively, investors who purchased or otherwise acquired Ardelyx common stock between January 13, 2025, and August 6, 2026, inclusive can participate in the class action.