LEGAL PROCEEDINGS
−Removed: On July 30, 2021, a putative securities class action lawsuit was commenced in the U.S.
−Removed: District Court for the Northern District of California naming as defendants Ardelyx and two current officers.
−Removed: The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact related to tenapanor.
−Removed: The plaintiff seeks to represent all persons who purchased or otherwise acquired Ardelyx securities between August 6, 2020, and July 19, 2021.
−Removed: The plaintiff seeks damages and interest, and an award of costs, including attorneys’ fees.
+Added: On July 30 and August 12, 2021, two putative securities class action lawsuits were commenced in the U.S.
+Added: District Court for the Northern District of California naming as defendants Ardelyx and two current officers captioned Strezsak v.
+Added: Ardelyx, Inc., et al.
+Added: 4:21-cv-05868-HSG, and Siegel v.
+Added: Ardelyx, Inc., et al.
+Added: 5:21-cv-06228-HSG (together, the “Securities Class Actions”).
+Added: The complaints allege that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact related to tenapanor.
+Added: The plaintiffs seek to represent all persons who purchased or otherwise acquired Ardelyx securities between August 6, 2020, and July 19, 2021.
+Added: The plaintiffs seeks damages and interest, and an award of costs, including attorneys’ fees.
+Added: On September 28, 2021, several shareholders filed motions to consolidate the two putative class actions and to be appointed lead plaintiff and have their selection of counsel be appointed lead counsel.
+Added: The court has not yet ruled on those motions.
+Added: Once the court appoints a lead plaintiff and lead counsel, the parties will negotiate and submit a
+Added: proposed schedule for lead plaintiff to file a consolidated amended complaint and for defendants to file a motion to dismiss.
We believe the plaintiff’s claims are without merit and we have not recorded any accrual for a contingent liability associated with these legal proceedings.
+Added: On December 7, 2021 and March 29, 2022, two verified shareholders derivative lawsuits were filed purportedly on behalf of Ardelyx against certain of Ardelyx’s executive officers and members of our board of directors, captioned Go v.
+Added: 4:21-cv-09455-HSG, and Morris v.
+Added: 4:22-cv-01988-JSC.
+Added: The complaints allege violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste, and seek contribution under Sections 10(b) and 21D of the Securities Exchange Act of 1934 from two executive officers.
+Added: On January 19, and April 27, 2022, the court granted the parties’ stipulation to stay the Go and Morris actions, respectively, until resolution of the anticipated motion(s) to dismiss in the Securities Class Actions, and the cases remain stayed.
From time to time, we may be involved in legal proceedings arising in the ordinary course of business.
−Removed: As of September 30, 2021, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition, and no contingent liabilities were accrued as of September 30, 2021.
+Added: As of March 31, 2022, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition, and no contingent liabilities were accrued as of March 31, 2022.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.