Aardvark Therapeutics securities class action
Analysis based on 24 articles · First reported Aug 14, 2026 · Last updated Aug 21, 2026
The class action lawsuit and the underlying FDA clinical hold have severely damaged investor confidence in MiNK Therapeutics, leading to a cumulative stock decline of over 70% from the IPO price. The legal proceedings and regulatory setbacks are likely to impair the company's ability to raise capital and advance ARD-101, negatively affecting its market valuation and prospects.
MiNK Therapeutics, Inc. (NASDAQ: AARD), a clinical-stage biopharmaceutical company developing ARD-101 for Prader-Willi Syndrome, faces a securities class action lawsuit. The suit alleges that the company and certain officers made materially false and misleading statements and failed to disclose that ARD-101 was less safe than represented, and that its clinical, regulatory, and commercial prospects were overstated. The claims cover investors who purchased Aardvark securities pursuant to the February 13, 2025 IPO or during the Class Period from February 13, 2025 to May 14, 2026. The alleged misrepresentations came to light when Aardvark voluntarily paused its Phase 3 HERO trial on February 27, 2026, due to reversible cardiac observations, causing the stock to drop 56.2%. On May 14, 2026, the United States — Food and Drug Administration placed a full clinical hold on ARD-101's IND, halting all ongoing studies, and the stock fell another 32.1%. Multiple law firms, including Bronstein, Gewirtz & Grossman, LLC, Hagens Berman, and Robbins LLP, have announced the class action and are seeking lead plaintiffs. The deadline to file a lead plaintiff motion is October 13, 2026.
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