The legal action follows a sharp decline in the company’s stock price after the market closed on June 24, 2026. ARS Pharmaceuticals announced that no new commercial formulary additions for its product, neffy, were issued for the July cycle. Furthermore, the company revealed that CVS Caremark had deferred its decision on expanded insurance coverage until January 2027. Following this disclosure, the company’s share price dropped 23.9%, closing at $8.02 on June 25, 2026, amid heavy trading volume.

Faruqi & Faruqi, LLP, which is spearheading the investigation, alleges that the company and its executives failed to disclose material adverse facts regarding these coverage negotiations. While the firm encourages affected investors to discuss their legal rights before the upcoming court deadline, it notes that participation in the potential recovery is not contingent upon serving as a lead plaintiff. Investors who purchased SPRY securities during the specified class period are advised to preserve relevant trading documentation and consult with counsel to evaluate their options.