Ardelyx Inc (NASDAQ:ARDX) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
Ardelyx
Affected Securities: 
NASDAQ: ARDX

February 09, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Ardelyx Inc (NASDAQ:ARDX) shares over potential securities laws violations by Ardelyx and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Ardelyx Inc (NASDAQ:ARDX) concerning whether a series of statements by Ardelyx regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Ardelyx Inc reported that its annual Total Revenue rose from $5.41 million in 2012 to $28.93 million in 2013 and that its respective Net Loss declined from $9.79 million to $6.56 million. Shares of Ardelyx Inc (NASDAQ:ARDX) grew from $11.65 per share in August 2014 to as high as $32.83 per share in December 2014.

Then on February 2, 2015, Ardelyx Inc announced that AstraZeneca's 161-patient Phase 2b clinical trial evaluating tenapanor in hyperphosphatemic patients with chronic kidney disease on hemodialysis met its primary endpoint by demonstrating a statistically significant dose-related decrease in serum phosphate levels for tenapanor-treated patients compared to patients receiving placebo (p=0.012).However, Ardelyx Inc also disclosed that it was noted, that the rate of diarrhea was distinctly higher than expected. Shares of Ardelyx Inc (NASDAQ:ARDX) declined from $27.74 per share on January 30, 2015, to as low as $15.34 per share on February 3, 2015.