SPRY Investor Alert: ARS Pharmaceuticals Inc. Securities Class Action Notice - Contact Levi & Korsinsky
A securities class action alleges ARS Pharmaceuticals' public statements about a July 1, 2026 CVS Caremark formulary effective date were not accompanied by adequate warnings that the decision could slip to January 2027, and that SPRY shareholders lost $2.52 per share when the coverage cycle passed without a decision.
NEW YORK, Sept. 23, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in ARS Pharmaceuticals Inc. (NASDAQ: SPRY) that a securities class action has been filed on behalf of shareholders who purchased securities between March 9, 2026 and June 24, 2026. Submit your information now. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
SPRY closed at $10.54 on June 24, 2026 and fell to $8.02 the following session, a single-day decline of $2.52 per share, or approximately 23.9%. Roughly 99.3 million shares were outstanding as of May 13, 2026. The lead plaintiff deadline is October 5, 2026.
What the Company Told the Market About the July 1 Cycle
ARS told investors that an updated proposal had been submitted to add neffy to CVS commercial formularies without a prior authorization requirement, targeting a July 1, 2026 effective date, and that the proposal was in the final stages of the approval process. On June 24, 2026, after the close, the Company announced that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle. The complaint alleges CVS Caremark reserved its decision until January 2027, meaning no expanded coverage for the summer or back-to-school seasons.
Disclosure Gaps Alleged
- The complaint challenges the absence of specific warning that expanded coverage might not be available by the July 1, 2026 deadline.
- Plaintiffs allege the rigidity of the CVS Caremark review cycle created a known risk of deferral to the next cycle in January 2027.
- The action contends statements about being in the "final stages" of formulary approval were not paired with meaningful cautionary language.
- Approximately 93% overall commercial coverage was reported at the end of 2025, but only about 57% of covered lives had access without prior authorization.
- For plans requiring prior authorization, approval rates ran near 55%, a figure the complaint says made unrestricted access commercially material.
- Claims are asserted under Section 10(b) and Section 20(a) of the Exchange Act and Rule 10b-5 in the Southern District of California.
"Generic cautionary language cannot substitute for disclosing a specific, known risk that a pending formulary decision may be deferred by months. The complaint alleges investors were told a July 1 effective date was being targeted without being told what would happen if that cycle passed." -- Joseph E. Levi, Esq.
Find out if you might qualify to recover losses or call (212) 363-7500.
ABOUT THE FIRM — For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Investors who suffered losses have until October 5, 2026 to seek appointment as lead plaintiff.
Frequently Asked Questions About the SPRY Lawsuit
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 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, including a targeted July 1, 2026 effective date. When the Company disclosed that no coverage decision had issued in the July 1, 2026 cycle, the stock price declined sharply.
Q: Who are the defendants named in the SPRY lawsuit? A: The complaint names ARS Pharmaceuticals Inc. and individual defendants including senior executives who made public statements or certified SEC disclosures under Sarbanes-Oxley.
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 issued for neffy in the July 1, 2026 cycle. Investors who purchased during the Class Period at artificially inflated prices may be eligible to seek compensation.
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 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, with no retainer and no out-of-pocket costs. Any attorneys' fees and expenses awarded to class counsel are subject to court approval.
Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
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
Attorney Advertising. Prior results do not guarantee similar outcomes.
SOURCE Levi & Korsinsky, LLP
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