SPRY Shareholder Alert: ARS Pharmaceuticals Inc. Securities Class Action Lawsuit - Investors With Losses May Contact Levi & Korsinsky

A securities class action alleges ARS Pharmaceuticals' co-founder and CEO personally steered investors toward a July 1, 2026 CVS Caremark coverage date that never arrived, leaving SPRY shareholders with a 23.9% single-day loss

NEW YORK, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP alerts investors in ARS Pharmaceuticals Inc. (NASDAQ: SPRY) that a securities class action has been filed on behalf of shareholders who purchased securities between March 9, 2026 and June 24, 2026. Request an institutional investor loss assessment. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

SPRY closed at $10.54 on June 24, 2026 and fell to $8.02 the following session, a one-day loss of $2.52 per share, or 23.9%, across approximately 99.3 million shares outstanding. Investors have until October 5, 2026 to seek appointment as lead plaintiff.

The Named Individual Defendants

The action names Richard E. Lowenthal, Co-Founder, President, Chief Executive Officer and Director throughout the Class Period, and Eric Karas, Chief Commercial Officer. Both are alleged to have possessed the authority to control the content of the Company's press releases, earnings calls, and SEC reports, and to have addressed the CVS Caremark formulary timeline directly on quarterly calls. On July 7, 2026, roughly two weeks after the disclosure, ARS announced that Lowenthal would no longer serve as an employee or officer.

Alleged Control Person Liability Under Section 20(a)

• The complaint charges that both officers spoke publicly and repeatedly about the CVS Caremark formulary process, holding themselves out as having unique knowledge of it.
• Management allegedly told the market that a proposal removing the prior authorization requirement was "in the final stages" and targeted a July 1 effective date.
• The pleading asserts defendants knew or recklessly disregarded that the rigidity of Caremark's system could push any decision well past the summer cycle.
• No new commercial formulary additions were issued in the July 1, 2026 cycle, and Caremark reserved its decision until January 2027, according to the Company's own announcement.
• Section 20(a) permits claims against individuals alleged to have controlled a company that violated the securities laws, exposing them to liability alongside the issuer.
  
  

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. Here, the complaint alleges that senior management repeatedly directed investors to a specific July 1 coverage date while the risk of a six-month delay was allegedly not disclosed." -- Joseph E. Levi, Esq.

Contact us to learn more about institutional recovery options or call (212) 363-7500.

Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com | Attorney Advertising. Prior results do not guarantee similar outcomes.

Frequently Asked Questions About the SPRY Lawsuit

Q: Who are the defendants named in the SPRY lawsuit? A: The complaint names ARS Pharmaceuticals Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

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: How much did SPRY stock drop? A: Shares fell approximately 23.9%, a decline of $2.52 per share, after the Company disclosed 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. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

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 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 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.

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.