SPRY Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in ARS Pharmaceuticals Securities Lawsuit - Contact Levi & Korsinsky

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Aug 19, 2026, 13:10 ET

Notice to pension funds, asset managers, and fiduciaries holding ARS Pharmaceuticals (NASDAQ: SPRY): a securities class action alleges the Company misrepresented the timing of expanded CVS Caremark coverage for neffy before a single-day 23.9% share decline.

NEW YORK, Aug. 19, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies institutional investors in ARS Pharmaceuticals Inc. (NASDAQ: SPRY) that a class action has been filed on behalf of shareholders who purchased securities between March 9, 2026 and June 24, 2026. Request an institutional investor loss assessment. 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 one-day decline of $2.52 per share, or 23.9%. With approximately 99.3 million shares outstanding as of May 13, 2026, that single-session repricing corresponds to roughly $250 million in aggregate market value. To be considered for lead plaintiff, investors must file by October 5, 2026.

Notice to Institutional Holders

The pleading asserts that ARS told the market it expected expanded, prior-authorization-free coverage for its epinephrine nasal spray neffy through CVS Caremark effective July 1, 2026, positioning the Company for the summer and back-to-school allergy seasons. As averred, the risk that CVS Caremark's process could push a decision to January 2027 was not adequately disclosed. On June 24, 2026, after the close, ARS announced that no new commercial formulary additions or coverage decisions had been issued in the July 1, 2026 cycle.

Portfolio Impact Assessment

Funds that accumulated SPRY positions during the Class Period on the expectation of a mid-year access catalyst may hold quantifiable Class Period losses. Position-level review is generally required to determine whether recoverable damages exist under the statutory loss calculation framework.

Fiduciary Obligations and Recovery Options

ERISA and similar fiduciary standards may require plan trustees to evaluate, document, and preserve identifiable securities claims held by the plan.
Lead plaintiff appointment typically goes to the movant with the largest documented financial interest who can adequately represent the class.
Serving as lead plaintiff provides direct oversight of counsel selection, litigation strategy, and settlement posture, without increasing the fund's recovery share.
Institutions that take no action before the deadline generally remain absent class members and may still participate in any recovery.
Investment committees frequently direct a portfolio-wide review to identify all Class Period purchases across separately managed accounts.
Representation in securities class actions is customarily undertaken on a contingency basis, subject to court approval of any fee award.

"Institutional investors play a critical role in securities class actions, and their participation often improves oversight of how a case is prosecuted. In the ARS Pharmaceuticals matter, funds that purchased SPRY during the Class Period may wish to evaluate whether their documented losses support a lead plaintiff application." -- Joseph E. Levi, Esq.

Levi & Korsinsky, LLP — Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

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 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 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: How do I know if I lost enough money to be the lead plaintiff? A: There is no minimum loss threshold. Courts generally appoint the investor with the largest provable loss who is willing and able to represent the class adequately. Contact Levi & Korsinsky before October 5, 2026 to evaluate lead plaintiff options.

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: 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
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP