SPRY Investor Alert: Levi & Korsinsky Investigates ARS Pharmaceuticals (SPRY) for Potential Securities Fraud

Shareholders who held ARS Pharmaceuticals (NASDAQ: SPRY) stock watched the value drop more than 23% in after-hours trading on June 24, 2026, after the Company disclosed that Neffy® received no new commercial formulary additions or payer-coverage decisions in the July 1, 2026 review cycle. Investors who lost money on SPRY are encouraged to submit their information to discuss their legal rights . You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

During the Q4 2024 earnings call on March 20, 2025, Chief Commercial Officer Eric Karas commented that “the goal is for Neffy to achieve more than 60% commercial coverage by the end of the first quarter." CEO Richard Lowenthal added that ARS anticipated "being on formulary for CVS Caremark, Anthem, Aetna and others by July 1 in time for the summer peak prescribing season." The July 1, 2026 payer-review cycle produced zero new formulary additions for Neffy®.

On November 10, 2025, during the Q3 2025 earnings call, Lowenthal characterized Neffy’s prescription growth slowdown as "a one time event" and to return to quarter-over-quarter growth.” The Company's April 29, 2026 proxy filing claimed "over 90% overall commercial coverage" with no reference to pending payer-cycle risk or the possibility that no new formulary wins would materialize.

SPRY shareholders who suffered losses may click here to discuss their legal rights with Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

Frequently Asked Questions About the SPRY Investigation

Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether ARS Pharmaceuticals made materially false or misleading statements regarding Neffy® commercial coverage outlook, including projections of near-term achievement of broad (~80%) payer coverage and expectations that CVS Caremark would add Neffy to its formulary by the July 1, 2026 cycle.

Q: Who is eligible to participate in the SPRY investigation? A: Investors who purchased SPRY stock or securities 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 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 to participate in the investigation.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.

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 SPRY and sold at a loss may still participate in the investigation.

Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions. If legal action is later pursued, the overwhelming majority of affected investors never appear in court either.

Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I live outside the United States? A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

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