A securities class action has been filed against ARS Pharmaceuticals, Inc. (SPRY) on behalf of all investors who purchased or otherwise acquired ARS securities between March 9, 2026 through June 24, 2026. This case has been filed in the USDC – SDCA.
ARS provided investors with material information concerning ARS’s expected timeline for expanded insurance coverage for its epinephrine nasal spray, neffy, with CVS Caremark. ARS’ statements included, among other things, confidence that this coverage would begin on July 1, 2026 and be in place for the summer and back-to-school allergy seasons.
ARS provided these overwhelmingly positive statements to investors while, at the same time, disseminating false and misleading statements and/or concealing material adverse facts concerning the expected timeline for the expanded insurance coverage for neffy through CVS Caremark. This caused Plaintiff and other shareholders to purchase ARS’s securities at artificially inflated prices.
The truth emerged on June 24, 2026, after the market closed, when 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.
As a result, 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, 2025, a decline of over 23.9% in the span of just a single day.