ARS Pharmaceuticals (SPRY) Securities Fraud Investigation - Levi & Korsinsky

ARS Pharmaceuticals stock lost more than 23% of its value in a single after-hours session after Neffy® failed to secure any new formulary additions in the July 2026 payer cycle -- a result that contradicted repeated executive coverage projections.

NEW YORK, July 6, 2026 /PRNewswire/ -- Shareholders who held ARS Pharmaceuticals (NASDAQ: SPRY) stock watched more than 23% of their investment disappear on June 24, 2026, when the Company disclosed that Neffy® received zero new commercial formulary additions or payer-coverage decisions in the July 1, 2026 review cycle. If you lost money on SPRY, submit your information now to discuss your legal rights . You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

The scale of the single-session decline reflected a sharp repricing of the Company's commercial outlook. 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." Chief Commercial Officer Eric Karas commented that "the goal is for Neffy to achieve more than 60% commercial coverage by the end of the first quarter." Neither milestone materialized in the July 2026 payer cycle, which produced no new formulary wins.

As recently as the April 29, 2026 proxy filing, ARS stated it had "achieved over 90% overall commercial coverage" and was "making continued progress toward broad, unrestricted access." That filing contained no reference to the upcoming July 1, 2026 payer-review cycle or the possibility that zero new additions would result. When the June 24 disclosure reached the market, SPRY fell more than 23% in after-hours trading.

Shareholders who suffered losses on their ARS Pharmaceuticals investment are encouraged to click here to get more information about the investigation . You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

Levi & Korsinsky, LLP  | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com

Frequently Asked Questions About the SPRY Investigation

Q: Who is eligible to participate in the SPRY investigation?  A: Investors who purchased SPRY stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: How much did SPRY stock drop?  A: Shares fell more than 23% in after-hours trading on June 24, 2026, after ARS Pharmaceuticals disclosed that Neffy® received zero new commercial formulary additions or payer-coverage decisions in the July 1, 2026 payer-review cycle.

Q: Which statements are being investigated as potentially misleading?  A: The investigation concerns whether ARS Pharmaceuticals made materially false or misleading statements regarding Neffy® commercial coverage projections, including specific executive statements about CVS Caremark formulary placement and 60%-80% commercial coverage timelines. When the July 2026 payer cycle produced zero new additions, the stock price declined sharply.

Q: What documents do I need to participate?  A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

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: 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: 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.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP