SPRY DEADLINE: Levi & Korsinsky Reminds ARS Pharmaceuticals Inc. Investors of Upcoming Securities Class Action Deadline

A securities class action alleges ARS Pharmaceuticals overstated its progress toward removing prior authorization barriers with CVS Caremark, the last major PBM standing between neffy and unrestricted commercial access.

NEW YORK, Sept. 16, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP reminds purchasers of ARS Pharmaceuticals Inc. (NASDAQ: SPRY) securities of a pending securities class action brought on behalf of investors who acquired shares between March 9, 2026 and June 24, 2026. Find out if you might qualify for recovery. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

SPRY shares closed at $10.54 on June 24, 2026 and fell to $8.02 the following session, a one-day decline of $2.52 per share, or 23.9%. Motions for lead plaintiff must be filed with the Court by October 5, 2026.

The Formulary Access Strategy at the Center of the Case

neffy's commercial trajectory depended on one operational objective: removing prior authorization requirements at the remaining major pharmacy benefit manager. As pleaded, the Company entered 2026 with roughly 93% overall commercial coverage but only about 57% of covered lives able to obtain neffy without a prior authorization, and approval rates of roughly 55% where a PA was required. Plaintiffs allege that management repeatedly framed a CVS Caremark formulary addition, targeted for a July 1, 2026 effective date, as the fix for that administrative friction.

What the Action Contends Was Not Disclosed

The action contends that while investors were told the CVS proposal was in the final stages of the approval process, the risk that the decision could slip past the July 1 cycle was not adequately conveyed. On 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 a decision was reserved until January 2027, leaving the summer and back-to-school seasons without expanded coverage.

Alleged Access Failures Investors Are Reviewing

• Prior authorization removal at the largest remaining PBM was presented as a near-term commercial catalyst
• Approximately 43% of covered lives allegedly remained subject to PA friction entering the class period
• Roughly 45% of PA submissions were not approved, according to figures cited in the action
• A retail conversion program converting denied claims to a $199 cash price was positioned as a bridge, not a substitute for formulary coverage
• The reserved decision pushed any unrestricted access to a January 2027 cycle
• Shares repriced by $2.52 on the disclosure

"The complaint raises serious questions about whether investors received accurate information regarding the status of a formulary decision that the Company itself identified as central to neffy's commercial growth," -- Joseph E. Levi, Esq.

Submit your information now or call (212) 363-7500.

WHY LEVI & KORSINSKY — Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors. Investors who suffered losses have until October 5, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the SPRY Lawsuit

Q: What is the SPRY class action lawsuit about? A: A securities class action has been filed against ARS Pharmaceuticals Inc. (NASDAQ: SPRY) alleging materially false and misleading statements between March 9, 2026 and June 24, 2026. Shares fell approximately 23.9% after the Company disclosed that no new commercial formulary additions or coverage decisions were 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 and suffered losses may be eligible to seek compensation.

Q: Who is eligible to join the SPRY investor lawsuit? A: Investors who purchased SPRY stock or securities between March 9, 2026 and June 24, 2026 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: 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 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 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 as an absent class member.

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: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

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

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SOURCE Levi & Korsinsky, LLP