According to the Complaint, Apellis Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company that focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. Apellis’s leading therapeutic treatment, SYFOVRE, is an intravitreal pegcetacoplan injection that is the first and only FDA 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. SYFOVRE was approved by the FDA in February 2023 for the treatment of GA secondary to AMD in the United States.

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 the company's business and operations. Specifically, the Complaint alleges 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) therefore, Defendants' statements about the company's business, operations, and prospects lacked a reasonable basis.

On October 20, 2023, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an Amended Complaint on February 8, 2024.

On May 17, 2024, the Court issued an Order transferring the case to the District of Massachusetts. The case transferred in under Docket 24-CV-11470.

Defendants filed a Motion to Dismiss the Amended Complaint on June 12, 2024. On March 17, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on April 16, 2025.