ARS Pharmaceuticals, Inc. Nasdaq: SPRY

A class action lawsuit was filed on behalf of purchasers of ARS Pharmaceuticals securities during the period from March 9, 2026 to June 24, 2026 (the "Class Period"). Eric Karas, ARS Pharmaceuticals' Chief Commercial Officer, is named as a defendant, alongside the Company and its then-CEO, facing claims under Section 10(b) and Section 20(a) of the Securities Exchange Act.

As Chief Commercial Officer, Karas held responsibility for market access and payer strategy for neffy, the company's needle-free epinephrine nasal spray, and spoke on both the March 9, 2026 and May 15, 2026 earnings calls, where commercial payer coverage was the central investor topic. 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. On May 15, 2026, he stated the CVS Caremark proposal was “in the final stages of the approval process” and “nearing completion.” Karas also presented a $199 retail cash-pay conversion program as a bridge for patients facing denied claims.

The complaint alleges that Karas and the other defendants failed to disclose the risk that CVS Caremark's coverage decision could be deferred until January 2027, despite having access to non-public information about the payer timeline.

On June 24, 2026, after market 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. On this news, ARS Pharmaceuticals shares fell from $10.54 to $8.02 in the following trading session, a decline of $2.52 per share, or 23.9%.