Grabar Law Office is investigating claims on behalf of shareholders of ARS Pharmaceuticals, Inc. (NASDAQ: SPRY). The investigation concerns whether certain officers and directors breached the fiduciary duties they owed to the company.

ARS Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes treatments for severe allergic reactions in the United States and internationally. The company is involved in the development of neffy, a needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis.

WHY? It is alleged in a recently filed federal securities fraud class action complaint that ARS Pharmaceuticals, Inc. (NASDAQ: SPRY), through certain of its officers, made false and/or misleading statements and/or failed to disclose that: (i) certain corporate officers knew or recklessly disregarded potential timeline issues with CVS Caremark’s formulary addition and coverage decision related to neffy; (ii) the guidance ARS Pharmaceuticals provided to investors related to the timeline for expansion of insurance coverage for neffy with CVS Caremark may be significantly shifted, impacting commercialization efforts; and (iii) the expanded insurance coverage may not be available by the July 1 deadline, thus, ARS Pharmaceuticals would not have the expanded insurance coverage for neffy with CVS Caremark for the summer and back-to-school seasons.

On June 24, 2026, after the market closed, ARS Pharmaceuticals published a press release announcing that ARS Pharmaceuticals did not receive expanded insurance coverage for neffy through CVS Caremark by the guided July 1, 2026 deadline, which meant that ARS Pharmaceuticals did not have expanded insurance coverage for neffy for the summer or back-to-school allergy seasons.  ARS Pharmaceuticals allegedly also stated that CVS Caremark reserved its decision on the expanded insurance coverage for neffy until January 2027.  On this news, the price of ARS Pharmaceuticals stock declined nearly 24%, according to the complaint.

WHAT CAN YOU DO NOW? If you purchased ARS Pharmaceuticals, Inc. (NASDAQ: SPRY) shares prior to March 9, 2026, and still hold shares today, you are encouraged to contact Joshua Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.  You can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to you whatsoever through a shareholder governance action. Alternatively, if you purchased your shares between March 9, 2026 and June 24, 2026, you can participate in the class action.