Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of Apellis Pharmaceuticals, Inc. who purchased shares between January 28, 2021 and July 28, 2023.
Apellis and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 15, 2023, the American Society of Retina Specialists reported concerns with SYFOVRE, one of the Company’s leading therapeutic treatments for geographic atrophy, (a leading cause of blindness), based on physician reports 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 that can potentially result in blindness. Then, on July 29, 2023, the Company disclosed the confirmation of a seventh event of retinal vasculitis resulting from the treatment, and also that it was evaluating an eighth reported event.
On this news, shares of Apellis fell $6.27 per share, or approximately 19.6%, from a close of $32.02 per share on July 28, 2023, to close at $25.75 per share on July 31, 2023.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 2, 2023 to request that the court appoint them lead plaintiff.