Allegations focus on ARS Pharmaceuticals' alleged failure to disclose the risk that CVS Caremark's rigid formulary system could push a neffy coverage decision to January 2027, missing the summer and back-to-school allergy seasons.
NEW YORK, Aug. 12, 2026 /PRNewswire/ -- "Investors deserve transparency about material risks that could affect their investments. The complaint here alleges that shareholders were told a July 1 coverage date was within reach while the risk of a months-long delay was allegedly not disclosed." -- Joseph E. Levi, Esq. Levi & Korsinsky, LLP alerts investors in ARS Pharmaceuticals Inc. (NASDAQ: SPRY) of a pending securities class action on behalf of purchasers between March 9, 2026 and June 24, 2026. Check if you might be eligible to recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com | (212) 363-7500.
SPRY shares fell 23.9%, a decline of $2.52 per share, in a single session after the June 24, 2026 payer access update. The Court has set October 5, 2026 as the deadline to apply for lead plaintiff appointment.
The Alleged CVS Caremark Formulary Risk Concentration
Unrestricted access at CVS Caremark, the last major pharmacy benefit manager without unrestricted neffy coverage, was described by management as a central commercial priority. The lawsuit asserts that investors were not adequately told that the rigidity of Caremark's formulary cycle created a substantial risk the decision could slip to January 2027, eliminating coverage for the 2026 summer and back-to-school allergy seasons.
Why Coverage Adequacy Allegedly Matters to Investors
- Approximately 93% overall commercial coverage existed 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%, with the administrative burden itself allegedly dampening prescribing in a high-volume category.
- PBM formulary decisions typically move in fixed cycles, so a missed July 1 window can mean waiting roughly six months.
- A retail cash conversion program priced at $199 was positioned as a bridge for denied claims, not as a substitute for formulary coverage.
- The action claims the omitted delay risk was material because expanded access was presented as a key driver of growth.
What the June 24 Update Disclosed
The Company announced 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. As alleged, that disclosure corrected prior statements about the anticipated coverage timeline.
Learn more about the case or call (212) 363-7500.
ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report. Investors who suffered losses have until October 5, 2026 to seek appointment as lead plaintiff.
Frequently Asked Questions About the SPRY Lawsuit
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 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 during the Class Period. When the Company disclosed that no coverage decision had issued for the July 1, 2026 cycle and that Caremark reserved its decision until January 2027, the stock price declined sharply.
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 documents do I need to submit my information? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.
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
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
Attorney Advertising. Prior results do not guarantee similar outcomes.
View original content to download multimedia:https://www.prnewswire.com/news-releases/spry-upcoming-deadline-levi--korsinsky-alerts-ars-pharmaceuticals-inc-stockholders-of-securities-class-action---contact-the-firm-302849615.html
SOURCE Levi & Korsinsky, LLP
