Boston, Massachusetts--(Newsfile Corp. - August 16, 2021) - Block & Leviton announces that a class action lawsuit has been filed against Ardelyx Inc. (NASDAQ: ARDX) and certain of its officers for securities law violations. Investors who purchased shares between August 6, 2020 and July 19, 2021 and have lost money are encouraged to contact the firmto learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/ardx.
What is this all about?
On July 19, 2021, Ardelyx announced that it had received a letter from the U.S. Food and Drug Administration on July 13, 2021 regarding the FDA's review of Ardelyx's New Drug Application ("NDA") for Tenapanor for the control of serum phosphorus in patients on dialysis for chronic kidney disease. In the letter, the FDA identified deficiencies that "preclude discussion of labeling and post-marketing requirements/commitments at this time". The FDA denied Ardelyx's request for a meeting to discuss the deficiencies. Analysts reacted negatively, with Piper Sandler and Wedbush downgrading ARDX and lowering their price targets. A Piper Sandler analyst commented: "We struggle to see a path forward for Tenapanor."
Ardelyx's shares fell significantly in intraday trading on July 20, 2021, down approximately 75% from their July 19, 2021 closing price.
Who is eligible?
Anyone who purchased Ardelyx between August 6, 2020 and July 19, 2021 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is September 28, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms may issue releases about this matter; many of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (888) 868-2385 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600 | (888) 868-2385
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
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