Ardelyx Investors Appeal Dismissal of Medicare Program Lawsuit

Ardelyx Inc. investors will request an appellate court reverse the dismissal of their allegations the biotech company lied to shareholders about intending to include its dialysis patient treatment in a grace-period Medicare program.

Investors told the US District Court for the District of Massachusetts Wednesday they were appealing the proposed class action’s dismissal to the US Court of Appeals for the First Circuit. Judge Leo T. Sorokin tossed the suit last month, saying the plaintiffs didn’t offer contemporaneous facts suggesting executives had decided against or harbored serious doubts about applying for the two-year transitional program while saying Ardelyx intended to ...