ARS Pharmaceuticals faces a shareholder class action alleging that it made false or materially misleading statements about the timing of insurance coverage for neffy after CVS Caremark added the product to its formulary (insurer's covered-drug list). The complaint alleges that ARS knew or recklessly disregarded risks to the coverage timeline, potentially affecting neffy's commercialization. Schall, Brown & Schwartz LLP is encouraging investors who purchased SPRY shares during the March 9, 2026, to June 24, 2026, class period to contact the firm by Oct. 5, 2026, about possible lead plaintiff appointments. The case alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the U.S. Securities and Exchange Commission (SEC), the federal securities regulator. The class has not yet been certified, and investors who take no action may remain absent class members.