Eric Karas, ARS Pharmaceuticals’ Chief Commercial Officer, is named as a defendant in a securities class action alleging investors were misled about the timing of expanded CVS Caremark coverage for neffy before SPRY shares fell 23.9% in one session.

NEW YORK, Aug. 26, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors that Eric Karas, Chief Commercial Officer of ARS Pharmaceuticals Inc. (NASDAQ: SPRY), is named as an individual defendant in a securities class action brought on behalf of purchasers of SPRY securities between March 9, 2026 and June 24, 2026. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

SPRY shares closed at $10.54 on June 24, 2026 and fell to $8.02 the following session, a decline of $2.52 per share, or 23.9%, across roughly 99.3 million shares outstanding. LEAD PLAINTIFF DEADLINE: October 5, 2026.

Karas’s Role During the Class Period

As Chief Commercial Officer, Karas held responsibility for market access and payer strategy for neffy, the Company’s needle-free epinephrine nasal spray. The complaint identifies him as a speaker on both the March 9, 2026 and May 15, 2026 earnings calls, where commercial coverage progress was the central investor topic.

What Karas Allegedly Told the Market

On March 9, 2026, Karas told investors the Company was “highly focused on CVS Caremark, Anthem and the large regional payers to ensure commercial coverage without restrictions,” citing approximately 93% overall commercial coverage with roughly 57% of covered lives accessing neffy without prior authorization, and approval rates near 55% where prior authorization applied. On May 15, 2026, as named in the action, he stated the CVS Caremark proposal was “in the final stages of the approval process” and that the payer process was “nearing completion.”

Karas’s Alleged Role

• Oversaw the market access function that the lawsuit contends was central to neffy’s growth story
• Publicly characterized the CVS Caremark formulary process as nearing completion weeks before the July 1, 2026 cycle
• Presented the $199 retail cash conversion program as a bridge for denied claims
• Allegedly did not disclose the risk that a CVS Caremark decision could be reserved until January 2027
• Is alleged to have had access to non-public information regarding the payer timeline
• Faces Section 10(b) and Section 20(a) claims alongside the Company and its then-CEO

On June 24, 2026, after the close, ARS announced that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle, meaning no expanded CVS Caremark coverage for the summer or back-to-school seasons.

“Individual officers who speak to investors about the status of commercial negotiations bear responsibility for the accuracy of those characterizations. The complaint alleges statements describing the CVS Caremark process as nearing completion were made without disclosing the risk of a delay into January 2027.” — Joseph E. Levi, Esq.

Submit your information here or call (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report. Investors who suffered losses have until October 5, 2026 to seek appointment as lead plaintiff.

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 made public statements to investors and analysts during the Class Period, among them the Company’s then-Chief Executive Officer and its Chief Commercial Officer.

Q: What specific misstatements does the SPRY lawsuit allege? A: The complaint alleges ARS Pharmaceuticals made materially false or misleading statements regarding the expected timeline for expanded CVS Caremark insurance coverage for neffy, including a targeted July 1, 2026 effective date. When the Company disclosed that no new commercial formulary additions had been issued and that CVS Caremark reserved its decision until January 2027, the stock price declined sharply.

Q: How much did SPRY stock drop? A: Shares fell approximately 23.9%, a decline of $2.52 per share, after the Company disclosed the absence of expanded CVS Caremark coverage in the July 1, 2026 cycle. Investors who purchased during the Class Period at allegedly inflated prices may be eligible to seek compensation.

Q: What is the SPRY lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is October 5, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

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, with no retainer and no out-of-pocket costs. Any attorneys’ fees and expenses awarded to class counsel are subject to court approval.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/levi–korsinsky-reminds-ars-pharmaceuticals-investors-of-the-pending-class-action-lawsuit-with-a-lead-plaintiff-deadline-of-october-5-2026—spry-302860451.html

SOURCE Levi & Korsinsky, LLP