Levi & Korsinsky says ARS Pharmaceuticals investors face class action over neffy coverage timing
A PR Newswire notice says investors in ARS Pharmaceuticals may seek lead-plaintiff status in a securities class action over alleged disclosures about neffy coverage timing.
A PR Newswire notice from Levi & Korsinsky says a securities class action has been filed involving ARS Pharmaceuticals Inc. and its needle-free epinephrine nasal spray, neffy. The notice gives a lead plaintiff deadline of Oct. 5, 2026.
The notice says the case centers on whether investors were misled about the timing of expanded CVS Caremark coverage for neffy. It says the complaint covers purchasers of ARS Pharmaceuticals securities between March 9, 2026 and June 24, 2026.
According to the notice, the stock fell after ARS disclosed that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1, 2026 cycle.
The PR Newswire notice says ARS shares closed at $10.54 on June 24, 2026 and fell to $8.02 the next session, a drop of $2.52 a share, or 23.9%. It says the move came across roughly 99.3 million shares outstanding.
Neffy is described in the notice as ARS Pharmaceuticals’ needle-free epinephrine nasal spray. The notice says Eric Karas, the company’s chief commercial officer, is named as an individual defendant and was responsible for market access and payer strategy for neffy.
It quotes Karas as saying on March 9, 2026 that the company was “highly focused on CVS Caremark, Anthem and the large regional payers to ensure commercial coverage without restrictions.” The notice says he also cited about 93% overall commercial coverage, roughly 57% of covered lives accessing neffy without prior authorization, and approval rates near 55% where prior authorization applied.
On May 15, 2026, the notice says, Karas stated that the CVS Caremark proposal was “in the final stages of the approval process” and that the payer process was “nearing completion.” The complaint, as described in the notice, alleges those statements were made without disclosing a risk of delay into January 2027.
The notice says ARS later disclosed after the market close on June 24, 2026 that no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1 cycle, meaning there was no expanded CVS Caremark coverage for the summer or back-to-school seasons.
Levi & Korsinsky said investors who suffered losses have until Oct. 5, 2026 to seek appointment as lead plaintiff. The notice does not say how the court will rule on the allegations.
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