NEW YORK, Sept. 13, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Apellis Pharmaceuticals, Inc. (“Apellis” or the “Company”) (NASDAQ: APLS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Apellis and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 15, 2023, the American Society of Retina Specialists (“ASRS”) published a letter highlighting concerns with Apellis’s product 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, Apellis’s stock price fell $32.04 per share, or 37.92%, to close at $52.46 per share on July 17, 2023.
Later that day, after the market closed, Apellis issued a statement 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, Apellis’s stock price fell $12.46 per share, or 23.75%, 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 per share, or 15.4%, to close at $34.24 per share on July 20, 2023. Finally, 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’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 the Company had not yet confirmed.
On this news, Apellis’s stock price fell $6.27 per share, or 19.6%, to close at $25.75 per share on July 31, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP