According to the Complaint, Ardelyx Inc. is a biotechnology company focused on the development of therapies for cardiorenal disorder. Though Ardelyx’s lead product candidate, tenapanor, has been approved by the FDA as a treatment for irritable bowel syndrome associated constipation, the Company has not commercialized it in the United States nor generated any revenue from its sale. Rather, Ardelyx has focused on advancing another indication for the drug, namely for helping to control serum phosphorus in adult CKD patients on dialysis.

The Complaint alleges that during the Class Period, Ardelyx and the other named Defendants made materially false and misleading statements regarding tenapanor and the likelihood that it would be approved by the FDA during the Class Period, which led investors to suffer significant losses.

On July 19, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-05868.

On September 29, 2022, Lead Plaintiff filed an amended Complaint. Defendants filed a Motion to Dismiss the amended Complaint on December 2. On April 6, 2023, the Court granted Plaintiff's Motion for leave to file a second amended Complaint and terminated as moot Defendants' Motion to Dismiss.

Lead Plaintiff filed a second amended Complaint on April 14, 2023. Defendants filed a Motion to Dismiss the second amended Complaint on June 2.

On March 18, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a third amended Complaint on April 19, 2024. Defendants filed a Motion to Dismiss the third amended Complaint on June 3. On September 12, the Court issued an Order granting Defendants' Motion to Dismiss and directing the Clerk of Court to enter Judgment in favor of the Defendants.

Lead Plaintiff filed a notice appealing the District Court's judgment on October 9, 2024. The appeal was voluntarily dismissed on March 7, 2025.