Apellis Pharmaceuticals, Inc. (NASDAQ: APLS)

This lawsuit is for anyone who acquired securities in Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) from January 28, 2021 through July 28, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by knowing, but failing to timely disclose to investors that the Company’s geographic atrophy treatment, SYFOVRE, was causing potentially blinding eye inflammation in some patients.

On July 15, 2023, the American Society of Retina Specialists (“ASRS”) published a letter regarding its concerns with Apellis’s geographic atrophy treatment, SYFOVRE, highlighting physician reports of cases of eye inflammation in patients, including six instances of occlusive retinal vasculitis, which potentially results in blindness. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on July 17, 2023, after the market closed, Apellis issued a statement addressing the concerns and acknowledging that “[t]he Company is continuing to conduct a thorough investigation of each of the events, working closely with the [ASRS] and several external specialists.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on July 20, 2023, Wedbush downgraded Apellis’s price target by more than 50%, from $86.00 per share to $40.00 per share. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on July 29, 2023, Apellis disclosed a seventh occurrence of retinal vasculitis caused by its SYFOVRE treatment, and further stated that it was evaluating a potential eighth reported event of retinal vasculitis. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) from January 28, 2021 through July 28, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.