Expired
Lead Plaintiff Deadline
Oct 5, 2026
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According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the expected timeline for the expanded insurance coverage for neffy through CVS Caremark. On June 24, 2026, after the market closed, ARS published a press release announcing that the Company did not receive expanded insurance coverage for neffy through CVS Caremark by the guided July 1, 2026 deadline, which meant that ARS did not have expanded insurance coverage for neffy for the summer or back-to-school allergy seasons. ARS stated that CVS Caremark reserved its decision on the expanded insurance coverage for neffy until January 2027. On this news, investors and analysts reacted immediately to ARS’s revelation. The price of ARS’s common stock declined from a closing market price of $10.54 per share on June 24, 2026 to $8.02 per share on June 25, 2026, a decline of over 23.9% in the span of just a single day.
In order to be eligible to join the SPRY class action lawsuit, you must have incurred a loss on shares of ARS Pharmaceuticals purchased during the class period listed above.
If you suffered a loss in ARS Pharmaceuticals during the relevant time frame or pursuant to the relevant offering(s), you have until October 5, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
● The Allegation: The complaint alleges ARS Pharmaceuticals Inc. misled investors about the expected timeline for expanded insurance coverage for neffy through CVS Caremark. Defendants allegedly expressed confidence that coverage would begin on July 1, 2026 and support the summer and back-to-school allergy seasons, while failing to disclose timeline risks.
● The Stock Drop: SPRY fell $2.52 per share, over 23.9%, to $8.02 per share on June 25, 2026, after ARS announced that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle.
● Class Period & Defendants: The class period runs from March 9, 2026 through June 24, 2026, inclusive. The named defendants are ARS Pharmaceuticals Inc., Richard E. Lowenthal (Co-Founder, President, Chief Executive Officer, and Director), and Eric Karas (Chief Commercial Officer).
● Lead Plaintiff Deadline: October 5, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.
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ARS Pharmaceuticals Class Action Summary |
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Company |
ARS Pharmaceuticals Inc. (NASDAQ: SPRY) |
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Lead Plaintiff Deadline |
October 5, 2026 |
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Class Period |
March 9, 2026 - June 24, 2026 |
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Stock Drop |
June 25, 2026 - SPRY fell $2.52 (over 23.9%) to $8.02 |
A securities class action lawsuit has been filed against ARS Pharmaceuticals Inc. and certain executives. The lawsuit covers investors who purchased or otherwise acquired ARS common stock from March 9, 2026 through June 24, 2026.
The complaint alleges defendants made materially false and misleading statements about neffy's CVS Caremark coverage timeline. ARS had told investors it expected expanded coverage by July 1, 2026.
After the market closed on June 24, 2026, ARS said no new coverage decision had been issued. SPRY fell over 23.9% the next trading day, according to the complaint.
ARS Pharmaceuticals Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of neffy, a needle-free intranasal epinephrine product for emergency treatment of Type 1 allergic reactions, including anaphylaxis. The company is headquartered in San Diego, California.
March 9, 2026 – June 24, 2026
Investors who purchased or acquired ARS Pharmaceuticals Inc. (SPRY) securities during the Class Period may be eligible to seek recovery under federal securities laws.
The ARS Pharmaceuticals securities lawsuit centers on neffy, the company's needle-free intranasal epinephrine product. According to the complaint, defendants told investors that expanded access through CVS Caremark was a key part of neffy's commercialization strategy, because prior authorization requirements created administrative friction that could limit prescribing momentum.
On March 9, 2026, ARS issued a press release announcing fourth quarter and full year 2025 results. Defendant Richard E. Lowenthal stated that progress with insurers had been positive and that ARS remained focused on securing unrestricted access with the remaining major payors. During the same day's earnings call, he said the company was committed to expanding unrestricted coverage with CVS Caremark, where discussions were ongoing, and stated that Caremark would wait until July 1 because it had a rigid system.
Also on March 9, 2026, Defendant Eric Karas told investors that ARS was highly focused on CVS Caremark, Anthem, and large regional payers to ensure commercial coverage without restrictions. He said the company was encouraged by ongoing payer discussions and expected to share more information during the second quarter as those discussions progressed.
The complaint alleges these statements became more specific on May 15, 2026, when ARS reported first quarter 2026 results. Lowenthal stated that, based on feedback from CVS in late April, ARS had submitted an updated proposal to add neffy to commercial formularies, remove the prior authorization requirement, and target a July 1 effective date. Karas also stated that the CVS Caremark proposal was in the final stages of the approval process and that the company expected to share more in the weeks to come. Plaintiffs allege defendants knew or recklessly disregarded that the CVS Caremark timeline could be significantly delayed, and failed to disclose the risk that expanded coverage would not be available by July 1, 2026 for the summer and back-to-school allergy seasons.
The alleged truth emerged after the market closed on June 24, 2026, when ARS issued a press release providing an update on payer access for neffy. The company stated that, despite payer discussions continuing until mid-June, no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle.
That disclosure contradicted the prior narrative that a CVS Caremark formulary addition was nearing completion and targeted for July 1, according to the complaint. ARS also stated that demand had continued to grow independent of additional coverage additions, and that Florida would add neffy to its unrestricted Medicaid formulary effective July 1, 2026.
Analysts reacted to the disclosure as a meaningful setback. The complaint cites a June 25, 2026 William Blair report stating that the announcement came as a negative shock given management's prior guidance and updates suggesting positive progress on the contract. The report also stated that missing the July 1 formulary update meant neffy would not be on formulary with CVS for that year's back-to-school season.
Following the June 24, 2026 disclosure, investors and analysts reacted immediately, according to the complaint. ARS common stock declined from a closing price of $10.54 per share on June 24, 2026 to $8.02 per share on June 25, 2026, a drop of $2.52 per share, or over 23.9%, in one day.
The complaint alleges the drop reflected the market's reassessment of neffy's commercialization outlook after the CVS Caremark coverage expansion did not occur by the guided July 1, 2026 deadline. Plaintiffs claim the prior artificial inflation came out of SPRY's stock price when investors learned that expanded insurance coverage would not be in place for the summer and back-to-school allergy seasons.
● Lead Plaintiff Deadline: October 5, 2026
● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.
● Defendants may file a motion to dismiss.
● If the case proceeds, the Court may later consider class certification. .
Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.
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