Ardelyx Faces Class Action Lawsuit Over Disputed Sales Projections

The complaint, filed in the United States District Court for the District of Massachusetts, centers on a period between January 13, 2025, and August 6, 2026. During this window, management projected combined peak annual sales of $1.75 billion for its drugs IBSRELA and XPHOZAH. Investors claim these figures were artificially inflated, as the company allegedly ignored growing payer utilization-management barriers that were already restricting patient access and slowing new-patient starts.

The discrepancy surfaced after the market closed on August 6, 2026, when Ardelyx downgraded its 2026 IBSRELA revenue guidance and withdrew its long-term XPHOZAH targets. Following the disclosure, the company's share price fell from $4.87 to $4.00 the next day. Joseph E. Levi, representing the plaintiffs, stated that the company had an obligation to disclose known risks to its projections while continuing to reaffirm multibillion-dollar sales expectations.

Investors who purchased shares during the class period have until November 16, 2026, to file for lead plaintiff status. Participation in the litigation is generally handled on a contingency basis, meaning there are no upfront costs for those seeking to recover losses. Eligibility remains open to anyone who bought stock during the specified window, regardless of whether they still hold the position.