Securities Class Action Filed Against Ardelyx Executives Over Sales Projections
What happened
A securities class action was filed against Ardelyx, Inc. on September 23, 2026, on behalf of shareholders who purchased securities between January 13, 2025, and August 6, 2026. The complaint names Michael Raab, Justin Renz, Susan Hohenleitner, and Eric Foster as individual defendants. The action alleges these officers controlled public statements that projected $1.75 billion in combined peak sales for XPHOZAH and IBSRELA.
From prnewswire.com
Why it matters
The lawsuit follows Ardelyx's August 6, 2026 announcement, which reduced full-year 2026 IBSRELA revenue guidance and withdrew long-term XPHOZAH revenue guidance. The allegations relate to the control of SEC reports and press releases, which directly affects investor trust and the company's financial disclosures.
From prnewswire.com
Who's involved
- Michael RaabNamed as a defendant in a securities class action regarding company statements.
- SECRegulatory body whose filings are the subject of the allegations.
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The entities involved
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SEC
Slovak company
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