A securities class action traces ARS Pharmaceuticals’ alleged March-to-June 2026 disclosure sequence on CVS Caremark coverage for neffy, ending in a one-day 23.9% collapse in SPRY shares.

NEW YORK, Sept. 2, 2026 /PRNewswire/ — Levi & Korsinsky, LLP reminds purchasers of ARS Pharmaceuticals Inc. (NASDAQ: SPRY) securities of a pending securities class action brought on behalf of shareholders who purchased between March 9, 2026 and June 24, 2026. See if you could be eligible to recover. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

SPRY shares fell from $10.54 to $8.02, a single-day decline of $2.52 per share, or 23.9%, after the June 24, 2026 after-market announcement. Investors have until October 5, 2026 to seek lead plaintiff status.

Chronology of Material Events

March 9, 2026: On a fourth quarter earnings call, management addressed the timing of expanded unrestricted access, telling investors that CVS Caremark “has a very rigid system, so they put it on July 1,” and that heading into the summer the Company expected “a fairly substantial expansion of our coverage.” The filing states this framing set the July 1 anchor date that investors carried for the next three months.

May 15, 2026: The Company reported that an updated proposal had been submitted to add neffy to CVS commercial formularies, removing the prior authorization requirement and targeting a July 1 effective date, described as being in the final stages of the formulary approval process. As set forth in the complaint, this update reinforced rather than qualified the earlier timeline.

June 24, 2026: After the market closed, ARS announced that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle, and that the CVS Caremark decision was reserved until January 2027. It is alleged this left neffy without expanded CVS coverage for the summer and back-to-school allergy seasons.

Alleged Coverage Impact by the Numbers

• Class Period closing high: $10.54 per share on June 24, 2026
• Closing price following the disclosure: $8.02 per share
• One-day decline: $2.52 per share, or 23.9%
• Approximately 99.3 million shares of common stock outstanding as of May 13, 2026
• Approximately 93% overall commercial coverage at the end of 2025, with only approximately 57% of covered lives access without prior authorization
• Approximately 55% approval rates on plans requiring prior authorization

“The complaint raises serious questions about whether investors received accurate information regarding the July 1, 2026 CVS Caremark formulary timeline. The allegation is that the risk of a delay into January 2027 was not adequately disclosed while investors were told coverage would expand heading into summer.” — Joseph E. Levi, Esq.

The action, pending in the United States District Court for the Southern District of California, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

Calculate your potential recovery or call (212) 363-7500.

INSTITUTIONAL INVESTOR REPRESENTATION — Levi & Korsinsky, LLP provides sophisticated counsel to institutional investors evaluating lead plaintiff opportunities. The firm has recovered hundreds of millions of dollars. Ranked among ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the SPRY Lawsuit

Q: How much did SPRY stock drop? A: Shares fell approximately 23.9%, a decline of $2.52 per share, after the Company disclosed that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle and that CVS Caremark reserved its decision until January 2027. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the SPRY lawsuit allege? A: The complaint alleges ARS Pharmaceuticals made materially false or misleading statements regarding the expected timeline for expanded CVS Caremark insurance coverage for neffy during the Class Period. When the coverage setback was disclosed, the stock price declined sharply.

Q: When did ARS Pharmaceuticals allegedly mislead investors? A: The Class Period runs from March 9, 2026 to June 24, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

Q: What court was the SPRY class action filed in? A: The case was filed in the United States District Court for the Southern District of California, governed by the Private Securities Litigation Reform Act of 1995.

Q: What do SPRY investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my SPRY shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to contact the firm. Securities class actions are generally handled on a pure contingency basis. No upfront fees, no retainer, and no out-of-pocket costs. Any attorneys’ fees and expenses awarded to class counsel are subject to court approval.

Q: How long will the lawsuit take to resolve? A: Securities class actions typically take two to four years from initial filing to resolution. Timing depends on the court schedule, case developments, and whether the matter is dismissed, settled, or litigated further.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

View original content to download multimedia:https://www.prnewswire.com/news-releases/spry-shareholder-alert-ars-pharmaceuticals-inc-securities-class-action-lawsuit—investors-should-contact-levi–korsinsky-302867575.html

SOURCE Levi & Korsinsky, LLP