A securities class action alleges ARS Pharmaceuticals misrepresented when expanded CVS Caremark coverage for neffy would take effect; SPRY purchasers retain specific rights, including the option to seek lead plaintiff appointment or remain absent class members.
NEW YORK, Sept. 24, 2026 /PRNewswire/ -- SueWallSt announces that a securities class action has been filed against ARS Pharmaceuticals Inc. (NASDAQ: SPRY).
YOU MAY BE AFFECTED IF YOU:
- Purchased SPRY stock between March 9, 2026 and June 24, 2026
- Lost money on your ARS Pharmaceuticals investment
- Still hold shares, or already sold at a loss
Submit your information or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.
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 over 23.9%. With roughly 99.3 million shares outstanding, the reported drop erased a substantial portion of the Company's market value. The action alleges that decline followed the Company's disclosure that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle, with CVS Caremark reserving its decision until January 2027.
What Rights Class Period Purchasers Have
Investors who bought SPRY during the Class Period are class members by operation of law. No filing, form, or payment is required to preserve absent class member status, and plaintiffs contend that eligibility turns on documented purchases during the Class Period rather than continued ownership.
- Right to remain passive. Class members who do nothing may still share in any court-approved recovery.
- Right to seek lead plaintiff appointment. Any Class Period purchaser may ask the Court to appoint them to direct the case on behalf of all members.
- Right to counsel at no upfront cost. Securities class actions are generally handled on contingency, with fees subject to court approval.
- Right to recover after selling. Investors who sold at a loss following the June 2026 disclosure may still be eligible.
- Right to choose. Investors may select which firm they contact, regardless of who initiated the case.
- Right to information. Class members receive notice of any proposed settlement before it is approved.
The Allegations at Issue
The action alleges that management repeatedly pointed investors toward a July 1, 2026 effective date for unrestricted CVS Caremark coverage of neffy while allegedly failing to disclose the risk that the decision could slip past the summer and back-to-school allergy seasons. Plaintiffs contend that shares traded at artificially inflated prices as a result.
"Investors who purchased ARS Pharmaceuticals shares during the Class Period have defined rights under the federal securities laws, including the right to seek appointment as lead plaintiff or simply remain part of the class. Understanding those options before the deadline costs nothing." -- Joseph E. Levi, Esq.
Lead plaintiff applications must be submitted by October 5, 2026.
Act now. Click here to learn more or call (888) SueWallSt.
WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
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 is the SPRY lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is October 5, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.
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 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 jlevi@levikorsinsky.com 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: 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.
Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it may still be able to participate in any potential settlement or recovery.
CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
Tel: (888) SueWallSt\
Fax: (212) 363-7171
Attorney Advertising. Prior results do not guarantee similar outcomes.
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SOURCE SueWallSt.com
