Strezsak
Strezsak v. Ardelyx Inc.
Opinion
trial_court Opinion
1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 7 STEVEN STREZSAK, et al., Case No. 21-cv-05868-HSG
8 Plaintiffs, ORDER GRANTING MOTION TO
DISMISS
9 v. Re: Dkt. No. 101 10 ARDELYX INC., et al., 11 Defendants.
12 13 Pending before the Court is a motion to dismiss Lead Plaintiff’s putative securities class 14 action filed by Defendants Ardelyx Inc., Mike Raab, Justin Renz, and David Rosenbaum 15 (“Defendants”). Dkt. No. 101. The Court finds the matter appropriate for disposition without oral 16 argument and the matter is deemed submitted. See Civil L.R. 7-1(b). For the reasons below, the 17 Court GRANTS the motion to dismiss WITH LEAVE TO AMEND. 18 I. BACKGROUND 19 Ardelyx is a biopharmaceutical company that began developing tenapanor around 2009 as 20 a treatment for irritable bowel syndrome. Dkt. No. 97 ¶ 26 (Second Amended Complaint 21 (“SAC”)). Several years later, Ardelyx pivoted to seeking FDA approval of tenapanor for the 22 treatment of hyperphosphatemia, a condition resulting from high levels of phosphate in…