Robbins LLP is Investigating Allegations that ARS Pharmaceuticals Misled Investors Regarding Their Business Prospects

Robbins LLP informs shareholders that a securities class action has been filed on behalf of all investors who purchased or otherwise acquired ARS Pharmaceuticals Inc. (NASDAQ: SPRY) securities between March 9, 2026 and June 24, 2026 (the "Class Period"). ARS is a clinical stage biopharmaceutical company focused on the development and commercialization of neffy for needle-free intranasal delivery of epinephrine for emergency treatment of Type 1 allergic reactions, including anaphylaxis.

The complaint alleges that ARS misled investors regarding the timeline for insurance coverage of its epinephrine nasal spray.

Why Was ARS Pharmaceuticals Sued?

According to the complaint, defendants provided investors with material information concerning ARS's expected timeline for expanded insurance coverage for its epinephrine nasal spray, neffy, with CVS Caremark. Defendants’ 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. Plaintiff contends that defendants provided these overwhelmingly positive statements to investors while, at the same time, failing to adequately disclose the risk that the expanded insurance coverage may not be available by the July 1 deadline, and thus, ARS would not have the expanded insurance coverage for neffy with CVS Caremark for the summer and back-to-school seasons.

Why Did ARS Stock Collapse?

Plaintiff alleges that 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. On this news, 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.

Who May Be Eligible?

The lawsuit seeks to represent investors who purchased or otherwise acquired ARS Pharmaceuticals Inc. securities during the applicable Class Period. If you purchased ARS Pharmaceuticals Inc. stock during this period and suffered investment losses, you may have rights under the federal securities laws. Submit a form for Information.

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