We are investigating whether Ardelyx, Inc. (Nasdaq: ARDX) (“Ardelyx”) has violated the federal securities laws after the company announced that it had decided not to apply to include XPHOZAH in the Centers for Medicare & Medicaid Services (CMS) End-Stage Renal Disease (ESRD) Prospective Payment System (PPS) Transitional Drug Add-on Payment Adjustment (TDAPA).
Upon this news, Ardelyx shares have so far fallen nearly 30% in trading on July 2, 2024.
If you are an Ardelyx shareholder and have suffered losses, you may contact us to discuss your legal rights and options at no charge by completing and submitting the form below.
Why is there an investigation?
On Ardelyx’s Q1 2024 earnings call on May 2, 2024, Ardelyx’s CEO, Mike Raab, advised analysts that “our intent is to enter the TDAPA . . . our current intent is to go through the process.”
But then on July 2, 2024, Ardelyx issued a press release announcing that it had decided not to apply to include XPHOZAH in the TDAPA.
Upon this surprise news, Ardelyx shares have so far fallen nearly 30% in trading on July 2, 2024.