Ardelyx’s chief executive, two successive chief financial officers, and its chief commercial officer are each named as individual defendants in a securities class action alleging they controlled public statements projecting $1.75 billion in combined peak sales for XPHOZAH and IBSRELA while payer access barriers were allegedly building.

NEW YORK, Sept. 23, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors in Ardelyx, Inc. (NASDAQ: ARDX) that a class action has been filed on behalf of shareholders who purchased securities between January 13, 2025 and August 6, 2026. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

ARDX shares fell approximately 18%, a decline of $0.87 per share, after the Company’s August 6, 2026 announcement reducing full-year 2026 IBSRELA revenue guidance and withdrawing its long-term XPHOZAH revenue guidance. The window to apply for lead plaintiff closes on November 16, 2026.

The Named Individual Defendants

Four Ardelyx officers are named individually in the action: Michael Raab, President, Chief Executive Officer and Director; Justin Renz, Chief Financial and Operations Officer until November 4, 2025; Susan Hohenleitner, Chief Financial Officer effective November 4, 2025; and Eric Foster, Chief Commercial Officer. The complaint charges that each of these officers possessed the power and authority to control the contents of the Company’s SEC reports, press releases, and presentations to securities analysts, money managers, and institutional investors.

Section 20(a) Control Person Framework

Alongside claims under Section 10(b) of the Exchange Act and Rule 10b-5, the action asserts Section 20(a) control person claims against all four executives. The practical meaning for shareholders is direct: where officers are alleged to have controlled the statements at issue, they may be asked to answer personally for investor losses rather than shielding accountability behind the corporate entity.

Alleged Control Person Liability

• Alleged authority over the reaffirmed long-term sales targets of more than $1 billion for IBSRELA and $750 million for XPHOZAH
• Alleged oversight of the commercial access strategy, including the ArdelyxAssist patient services program and the expanded field access manager team
• Sarbanes-Oxley Section 302 and Section 906 certifications signed by the chief executive and chief financial officers attesting to the accuracy of periodic filings
• Alleged access to material non-public information concerning more stringent prior authorization and step edit requirements affecting new-patient starts
• Alleged ability and opportunity to prevent the issuance of the challenged statements or cause them to be corrected before release
• A chief financial officer transition on November 4, 2025 that places SOX certification responsibilities with two different chief financial officers during the Class Period

The pleading further contends that the challenged statements were group-published information reflecting the collective actions of the individual defendants, and that their alleged knowledge is imputed to Ardelyx under agency principles.

“Officers who certify filings and control what a company tells the market may be asked to account personally for those statements. Here, the complaint charges that senior Ardelyx executives maintained long-term revenue expectations for XPHOZAH and IBSRELA while payer utilization-management barriers were allegedly restricting patient starts.” — Joseph E. Levi, Esq.

Submit your information to learn more or call (212) 363-7500.

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the ARDX Lawsuit

Q: What court was the ARDX class action filed in? A: The case was filed in the United States District Court for the District of Massachusetts, governed by the Private Securities Litigation Reform Act of 1995.

Q: Who are the defendants named in the ARDX lawsuit? A: The complaint names Ardelyx, Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What specific misstatements does the ARDX lawsuit allege? A: The complaint alleges Ardelyx, Inc. made materially false or misleading statements regarding its fiscal year 2026 revenue outlook and long-term growth prospects for XPHOZAH and IBSRELA, while allegedly concealing increasing payer-related access and reimbursement barriers, during the Class Period. When the reduction in full-year 2026 IBSRELA revenue guidance and the withdrawal of long-term XPHOZAH revenue 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: 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.

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: 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.

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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SOURCE Levi & Korsinsky, LLP