The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Apellis Pharmaceuticals, Inc. (APLS)

The Law Offices of Frank R. Cruz reminds investors of the upcoming October 2, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Apellis Pharmaceuticals, Inc. (“Apellis” or the “Company”) (NASDAQ: APLS) common stock between January 28, 2021 and July 28, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

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, Apellis’s stock price fell $32.04, or 37.9%, to close at $54.46 per share on July 17, 2023, thereby injuring investors.

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, Apellis’s stock price fell $12.46, or 23.6%, to close at $40.00 per share 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, Apellis’s stock price fell $6.25, or 15.4%, to close at $34.24 per share on July 20, 2023.

Then, 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, Apellis’s stock price fell $6.27, or 19.6%, to close at $25.75 per share on July 31, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the design of SYFOVRE’s clinical trials was insufficient to identify incidents of retinal vasculitis in patients receiving SYFOVRE injections; (2) as a result, the commercial adoption of SYFOVRE was subject to significant, unknown risk factors; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Apellis common stock during the Class Period, you may move the Court no later than October 2, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230929970018/en/