The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of those who acquired Apellis Pharmaceuticals, Inc. (“Apellis” or the “Company”) (NASDAQ: APLS) securities during the period from January 28, 2021 through July 28, 2023 (the “Class Period”). Investors have until October 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

 
Apellis is a commercial-stage biopharmaceutical company that focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. Apellis developed SYFOVRE, the first FDA-approved treatment for geographic atrophy, a late stage type of macular degeneration.
 
On July 15, 2023, the American Society of Retina Specialists (“ASRS”) published a letter highlighting concerns with SYFOVRE. Specifically, the ASRS indicated that physicians have reported cases of eye inflammation in patients treated with SYFOVRE, including six instances of occlusive retinal vasculitis, a type of inflammation that blocks blood flow through the vessels that feed the retina and potentially results in blindness. On this news, the price of Apellis shares declined by $32.04 per share, or approximately 37.92%, from $84.50 per share to close at $52.46 on July 17, 2023.
 
On July 17, 2023, Apellis issued a statement addressing the concerns raised by ASRS regarding vasculitis and SYFOVRE, explaining that, of the six occurrences of vasculitis following SYFOVRE treatment, “two of the events were confirmed as occlusive, one was confirmed as non-occlusive, and the remaining three were undetermined based on limited information and lack of imaging.” The Company further acknowledged 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 Apellis shares declined by $12.46 per share, or approximately 23.75%, from $52.46 per share to close at $40.00 on July 18, 2023.
 
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 Apellis shares declined by $6.25 per share or approximately 15.44%, from $40.49 per share to close at $34.24 on July 20, 2023.
 
On July 29, 2023, Apellis provided an update on the Company’s review of the six events of retinal vasculitis reported by the ASRS concerning SYFOVRE treatments. In the update, Apellis confirmed a seventh event of retinal vasculitis resulting from SYFOVRE treatment as determined by Apellis’ internal safety committee and external retina/uveitis specialists. Apellis also stated that the Company is evaluating an eighth reported event of retinal vasculitis, which the Company had not yet confirmed. On this news, the price of Apellis shares declined by $6.27 per share or approximately 19.58%, from $32.02 per share to close at $25.75 on July 31, 2023.
 
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) the design of SYFOVRE’s clinical trials was insufficient to identify incidents of retinal vasculitis in patients receiving SYFOVRE injections; and (2) as a result, the commercial adoption of SYFOVRE was subject to significant, unknown risk factors.