GlobeNewswire Inc | Aug 12, 2021 01:30PM EDT

August 12, 2021

NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ardelyx, Inc. (Ardelyx or the Company) (NASDAQ: ARDX) in the United States District Court for the Northern District of California on behalf of those who purchased or otherwise acquired Ardelyx publicly traded securities between August 6, 2020 and July 19, 2021, inclusive (the Class Period).

The Complaint alleges that Defendants made materially false and misleading statements regarding the Companys lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis and the likelihood that it would be approved by the U.S. Food and Drug Administration (FDA). Specifically, the lawsuit alleges that Defendants possessed, were in control over, and, as a result, knew (or had reason to know) that the data submitted to support the New Drug Application was insufficient in that it showed a lack of clinical relevance of the drugs treatment effect, making it foreseeably likely (if not certain) that the FDA would not approve the drug. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Ardelyx during the Class Period should contact the Firm prior to the September 28, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.