ARS Pharmaceuticals Investigation Initiated: Levi & Korsinsky Investigates the Officers and Directors of ARS Pharmaceuticals (SPRY)
ARS Pharmaceuticals CEO projected CVS Caremark formulary inclusion was expected for the July 1, 2026 commercial formulary cycle -- the July 2026 payer cycle produced zero new formulary additions, and SPRY fell more than 23%.
NEW YORK, June 29, 2026 /PRNewswire/ -- Investors in ARS Pharmaceuticals (NASDAQ: SPRY) lost more than 23% of their investment value in after-hours trading on June 24, 2026, after the Company disclosed that Neffy® -- its flagship epinephrine nasal spray -- received zero new commercial formulary additions or payer-coverage decisions in the July 1, 2026 review cycle. Shareholders who lost money on SPRY are encouraged to submit their information to discuss their legal rights . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The June 24 disclosure followed more than a year of specific management projections about formulary coverage timelines. On March 20, 2025, during the Q4 2024 earnings call, CEO Richard Lowenthal stated: "we anticipate over 80% with our prior authorization by early this summer with the addition of Neffy to the Caremark formulary." On the same call, Lowenthal reported that coverage was already secured with Express Scripts, MSR, Zinc, and UnitedHealthcare -- and anticipated "being on formulary for CVS Caremark, Anthem, Aetna and others by July 1 in time for the summer peak prescribing season." Chief Commercial Officer Eric Karas added "our goal is for Neffy to achieve more than 60% commercial coverage by the end of the first quarter."
On November 10, 2025, during the Q3 2025 earnings call, Lowenthal characterized Neffy's prescription growth slowdown as "a one time event" and to return to quarter-over-quarter growth." Yet the July 1, 2026 payer cycle produced no new commercial formulary additions or coverage decisions. The stock fell more than 23% on the disclosure.
If you purchased ARS Pharmaceuticals shares and suffered a loss, click here to discuss your legal rights with Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.
Frequently Asked Questions About the SPRY Investigation
Q: Who is conducting the SPRY investigation? A: Levi & Korsinsky, LLP is investigating potential securities law violations on behalf of investors who purchased SPRY securities and suffered financial losses. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.
Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether ARS Pharmaceuticals made materially false or misleading statements regarding Neffy® formulary placement timelines and commercial coverage projections. When the Company disclosed that no new formulary additions occurred in the July 1, 2026 payer cycle, the stock price declined more than 23%.
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 [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.
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 SPRY and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions. If legal action is later pursued, the overwhelming majority of affected investors never appear in court either.
Q: Why should investors choose Levi & Korsinsky? A: Ranked among top securities litigation firms by ISS for seven consecutive years. Recovered hundreds of millions for shareholders with extensive federal court experience.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP
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