Core Viewpoint - Ardent Health, Inc. is under investigation for potential violations of federal securities laws following a significant drop in its stock price, which fell over 33% after the company reported disappointing Q3 2025 financial results [1][3][4]. Financial Performance - In Q3 2025, Ardent reported a $43 million decrease in revenue due to "hindsight evaluations of historical collection trends" [4]. - The company also increased its professional liability reserves by $54 million, citing "adverse prior period claim developments" from claims between 2019 and 2022, as well as broader industry trends [4]. Investigation Details - The investigation focuses on Ardent's accounting practices, particularly regarding accounts receivable and professional liability reserves [3]. - Bleichmar Fonti & Auld LLP, a leading securities law firm, is conducting the investigation and has urged investors to come forward [1][5].

Core Viewpoint - Aldeyra Therapeutics, Inc. is under investigation for potential violations of federal securities laws following the failure of its Phase III clinical trial for reproxalap, which was intended to treat dry eye disease [1][4]. Company Overview - Aldeyra Therapeutics is a biotechnology company focused on developing therapies for immune-mediated and metabolic diseases, with reproxalap as its lead drug candidate for dry eye disease [2]. Clinical Trial Results - The company announced positive results from its Phase III dry eye chamber clinical trial, claiming the results were "uniquely supportive" and met FDA requirements for New Drug Application (NDA) resubmission [3]. - However, the trial ultimately failed to demonstrate the efficacy of reproxalap in treating ocular symptoms associated with dry eyes, with methodological issues identified in the trial data [4]. Regulatory Response - On April 3, 2025, the FDA issued a Complete Response Letter for the NDA for reproxalap, stating that the application "failed to demonstrate efficacy in adequate and well-controlled studies" [5]. - The FDA highlighted concerns regarding the trial data, particularly methodological issues such as differences in baseline scores across treatment arms [5]. Market Reaction - Following the FDA's announcement, Aldeyra Therapeutics' stock price plummeted nearly 75% in a single trading day, dropping from a closing price of $5.33 per share on April 2, 2025 [5].