San Diego, CA -- (SBWIRE) -- 08/21/2023 -- An investor, who purchased shares of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS), filed a lawsuit over alleged violations of Federal Securities Laws by Apellis Pharmaceuticals, Inc..

Investors who purchased shares of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) have certain options and for certain investors are short and strict deadlines running. Deadline: October 2, 2023. NASDAQ: APLS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Waltham, MA based Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. One of Apellis Pharmaceuticals' leading therapeutic treatments, "SYFOVRE," is an intravitreal pegcetacoplan injection that is the first and only approved therapy for geographic atrophy ("GA"), a leading cause of blindness. SYFOVRE is designed to provide comprehensive control of the complement cascade, part of the body's immune system. In February 2023, SYFOVRE was approved by the U.S. Food and Drug Administration in the United States for the treatment of GA secondary to age-related macular degeneration.
On January 28, 2021, the day of Apellis Pharmaceuticals' Virtual Investor Event, Apellis Pharmaceuticals, Inc gave an online presentation to shareholders titled, "Pegcetacoplan: Advancing the First Potential Treatment for Geographic Atrophy (GA)," which highlighted its ongoing Phase 3 "DERBY and OAKS" clinical trials and its completed Phase 2 "FILLY" clinical trial. In its presentation to shareholders, Apellis touted the efficacy of using pegcetacoplan in patients with GA, including that the Phase 2 FILLY trial showed decreased lesion growth and that safety was "in line with other studies of intravitreally administered agents."
Apellis Pharmaceuticals, Inc. Reported that its annual Total Revenue rose from $66.56 million in 2021 to $75.42 million in 2022, and that its Net Loss declined from $746.35 million in 2021 to $652.17 million in 2022.

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.

After the market closed on July 17, 2023, Apellis Pharmaceuticals, Inc 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." Apellis 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 July 20, 2023, Wedbush downgraded Apellis Pharmaceuticals, Inc's price target by more than 50%, from $86.00 per share to $40.00 per share.

On July 29, 2023, Apellis Pharmaceuticals, Inc 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's internal safety committee and external retina/uveitis specialists. Apellis also stated that the company is evaluating an eighth reported event of retinal vasculitis, which Apellis had not yet confirmed.

Shares of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) declined from $94.75 per share on June 14, 2023, to as low as $19.83 per share on August 07, 2023.

The plaintiff claims that between January 28, 2021, and July 28, 2023, the Defendants misrepresented and/or failed to disclose that the design of SYFOVRE's clinical trials was insufficient to identify incidents of retinal vasculitis in patients receiving SYFOVRE injections, that as a result, the commercial adoption of SYFOVRE was subject to significant, unknown risk factors, and that therefore, Defendants' statements about the company's business, operations, and prospects lacked a reasonable basis.

Those who purchased shares of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.