LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Apellis Pharmaceuticals, Inc. (“Apellis” or the “Company”) (NASDAQ: APLS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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If you purchased Apellis securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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 [email protected], 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.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
