Ardelyx’s Chief Commercial Officer, Eric Foster, is named as an individual defendant in a securities class action alleging he assured investors the Company’s patient-access strategy was working while payer prior authorization and step edit requirements were allegedly restricting IBSRELA and XPHOZAH prescriptions.

NEW YORK, Sept. 24, 2026 /PRNewswire/ — SueWallSt notifies investors in Ardelyx, Inc. (NASDAQ: ARDX) that Eric Foster, the Company’s Chief Commercial Officer, is named as an individual defendant in a securities class action brought on behalf of shareholders who purchased securities between January 13, 2025 and August 6, 2026. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

ARDX closed at $4.87 on August 6, 2026 and fell to $4.00 the following session, a one-day decline of $0.87 per share, or approximately 18%. The lead plaintiff deadline is November 16, 2026.

Eric Foster’s Role During the Class Period

Foster served as Chief Commercial Officer at all relevant times, with responsibility for the commercial organization behind both of Ardelyx’s marketed medicines. That role placed him at the center of the Company’s messaging on payer coverage, prior authorization, and the ArdelyxAssist patient-services hub that management told investors would pull prescriptions through to patients.

What Eric Foster Allegedly Oversaw

• Commercial strategy for IBSRELA, which generated $158.3 million in U.S. net product sales in 2024, and XPHOZAH, which generated $160.9 million in its first full year of commercialization.
• The 2025 expansion of a field access manager team described to investors as focused on working with physician offices to move prior authorizations through to fulfillment.
• A February 20, 2025 directive that physicians should “prescribe as you always have, based on the patient need and we will adjudicate patient access and affordability on our end,” which he said would “ultimately support our long-term growth expectations.”
• Representations that the prior authorization approval rate was “very high” and that patient access was “flowing through in 2025.”
• Alleged omissions concerning more stringent prior authorization and step edit requirements that, as named in the action, were slowing new-patient starts and delaying prescription fulfillment.
• The August 6, 2026 announcement reducing full-year 2026 IBSRELA revenue guidance and withdrawing long-term XPHOZAH revenue guidance, which cited significantly increased payer utilization-management processes.

Section 20(a) Context for Eric Foster

The complaint identifies Foster among the officers alleged to have possessed the power and authority to control the content of Ardelyx’s press releases and presentations to securities analysts and institutional investors. Claims are asserted under Section 10(b) and Rule 10b-5, with a Section 20(a) control person count seeking to hold individual officers accountable alongside the Company.

“Senior commercial executives who speak directly to the market about patient access and prescription pull-through carry responsibility for the accuracy of what they say. Here, the action claims Ardelyx’s commercial leadership told investors the access strategy was working while payer utilization-management barriers were allegedly tightening against IBSRELA and XPHOZAH.” — Joseph E. Levi, Esq.

Submit your information here or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the ARDX Lawsuit

Q: What is the ARDX lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 16, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did ARDX stock drop? A: Shares fell approximately 18%, a decline of $0.87 per share, after the Company disclosed a reduction in its full-year 2026 IBSRELA revenue guidance and the withdrawal of its long-term XPHOZAH revenue guidance, citing significantly increased payer utilization-management processes. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

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 concealing increasing payer-related access and reimbursement barriers, more stringent prior authorization requirements, and step edits that slowed new-patient starts. When the reduced IBSRELA guidance and withdrawn XPHOZAH long-term guidance were disclosed, the stock price declined sharply.

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 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: 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.

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.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@SueWallSt.com

Tel: (888) SueWallSt

Fax: (212) 363-7171

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SOURCE SueWallSt.com