A securities class action pending in the United States District Court for the Southern District of California alleges that ARS Pharmaceuticals Inc. (NASDAQ: SPRY) misled investors about the timing of expanded CVS Caremark coverage for neffy, its epinephrine nasal spray. The proposed class covers purchasers of ARS securities from March 9, 2026, through June 24, 2026, and investors have until October 5, 2026, to seek appointment as lead plaintiff. The complaint focuses on statements indicating that expanded coverage would begin July 1, including a March 9 earnings-call comment that CVS Caremark had placed the change on a rigid July 1 schedule and a May 15 update describing an application to remove prior authorization as being in the final stages. After the market closed on June 24, ARS said no new commercial formulary additions or coverage decisions had been issued for neffy in the July 1 cycle and that CVS Caremark had reserved its decision until January 2027. SPRY shares fell from $10.54 to $8.02, a $2.52, or 23.9%, one-day decline. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The class has not been certified, and investors do not need to become lead plaintiff to potentially participate in any recovery.