Time-Sensitive: Allegations focus on Ardelyx’s representations that its patient-access strategy was working, while more stringent prior authorization and step edit requirements were allegedly slowing new-patient starts for IBSRELA and XPHOZAH.

NEW YORK, Sept. 30, 2026 /PRNewswire/ — Levi & Korsinsky, LLP alerts investors in Ardelyx, Inc. (NASDAQ: ARDX) of a pending securities class action. Class Period: January 13, 2025 through August 6, 2026. Check if you might be eligible to recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.

ARDX shares fell approximately 18% in a single trading session following the August 6, 2026 announcement regarding payer utilization management. The Court has set November 16, 2026 as the deadline to apply for lead plaintiff appointment.

“Investors deserve transparency about material risks that could affect their investments. Here, the complaint alleges that Ardelyx assured the market its patient-access strategy was working at the same time more stringent prior authorization and step edit requirements were allegedly slowing new-patient starts.” — Joseph E. Levi, Esq.

What Management Allegedly Knew About Prior Authorization Barriers

On February 20, 2025, management told investors: “Our message is to prescribe as you always have, based on the patient need and we will adjudicate patient access and affordability on our end. That directive will ultimately support our long-term growth expectations.” The lawsuit asserts this and similar assurances were materially misleading because, as alleged, the Company did not disclose that increasingly stringent prior authorization requirements and step edits were already restricting patient access and delaying prescription fulfillment.

Utilization-Management Trends in Payer Access

• Prior authorization requires payer approval before a prescription is dispensed, and each added requirement can delay or prevent a new-patient start.
• Step edits require patients to try and fail other therapies first, a growing payer tool that can stall uptake of a non-first-line medicine.
• Ardelyx embraced the prior authorization process rather than pursuing rebates or discounts, management told analysts, describing the approval rate as “very high.”
• Management repeatedly pointed to the ArdelyxAssist program and an expanded field access manager team as the mechanism for pulling prescriptions through to patients.
• The action claims investors were never told how much access friction was building behind those assurances.
• On August 6, 2026, the Company reduced full-year 2026 IBSRELA revenue guidance and withdrew its long-term XPHOZAH revenue guidance, citing significantly increased payer utilization-management processes.

Why Patient-Access Adequacy Allegedly Matters to Investors

For a company selling two commercial products, the pace of new-patient starts drives reported revenue and the credibility of long-term sales targets. The complaint asserts that shareholders purchased ARDX at artificially inflated prices while access and reimbursement obstacles were allegedly undisclosed.

Learn more about the case or call (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report. Investors who suffered losses have until November 16, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the ARDX Lawsuit

Q: What is the ARDX lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 16, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did ARDX stock drop? A: Shares fell approximately 18%, a decline of $0.87 per share, after the Company disclosed a reduction in its full-year 2026 IBSRELA revenue guidance and the withdrawal of its long-term XPHOZAH revenue guidance, citing significantly increased payer utilization-management processes. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the ARDX lawsuit allege? A: The complaint alleges Ardelyx, Inc. made materially false or misleading statements regarding its ability to execute its commercial strategy and overcome patient-access barriers, while failing to disclose more stringent prior authorization and step edit requirements that slowed new-patient starts, during the Class Period. When the reduced 2026 IBSRELA guidance and withdrawal of long-term XPHOZAH guidance was disclosed, the stock price declined sharply.

Q: What do ARDX investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my ARDX shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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