ARS Pharmaceuticals Faces Class Action Over Neffy Coverage Delays

The lawsuit, filed by Levi & Korsinsky, LLP, represents purchasers of ARS Pharmaceuticals (NASDAQ: SPRY) securities between March 9 and June 24, 2026. Plaintiffs allege that Karas and other senior executives misrepresented the status of negotiations with major payers, specifically suggesting that a favorable CVS Caremark decision was imminent for the July 1, 2026, cycle. During earnings calls, Karas repeatedly characterized the approval process as being in its final stages, failing to disclose the possibility that the decision could be deferred until January 2027.

Following the announcement that no new commercial formulary additions had been issued, SPRY shares plummeted from $10.54 to $8.02 in a single session. The legal action asserts violations of federal securities laws, arguing that investors purchased stock at artificially inflated prices based on these optimistic timelines. Shareholders who incurred losses during the specified period have until October 5, 2026, to file for lead plaintiff status. The firm notes that class members are not required to take immediate action to remain eligible for potential future recoveries.