Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Apellis Pharmaceuticals, Inc. ("Apellis") (NASDAQ: APLS) common stock between January 28, 2021 and July 28, 2023, inclusive (the “Class Period”).
Apellis is a commercial-stage biopharmaceutical company that focuses on the development and commercialization of therapeutic compounds for the treatment of autoimmune and inflammatory diseases. Its lead product candidate, known commercially as SYFOVRE, is a treatment for geographic atrophy secondary to age-related macular degeneration that is administered through an injection into the eye.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about Apellis’s business and operations. Specifically, Defendants misrepresented and/or 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; (2) as a result, the commercial adoption of SYFOVRE was subject to significant, unknown risk factors; and (3) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On March 17, 2025, the Court granted Defendants’ Motion to Dismiss. On April 16, 2025, the Lead Plaintiff appealed the dismissal to the United States Court of Appeals for the First Circuit. The parties presented oral arguments on January 6, 2026, and the Appeal is now pending decision before the Court. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.