PRTY - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Apellis Party City and Hayward and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), Party City Holdco, Inc. (OTC:PRTY, PRTYQ)), and Hayward Holdings, Inc. (NYSE:HAYW). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)
Class Period: January 28, 2021 – January 28, 2023
Lead Plaintiff Deadline: October 2, 2023
Apellis 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.
One of Apellis's 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.
The Class Period begins on January 28, 2021, the day of Apellis's Virtual Investor Event wherein Apellis 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."
Throughout the Class Period, Defendants repeatedly represented that SYFOVRE "demonstrated a favorable safety profile" with minimal adverse effects and "no events of retinal vasculitis or retinal vein occlusion" observed.
Notwithstanding Defendants' claims regarding the safety of SYFOVRE, investors began to learn the truth on July 15, 2023, when 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. On this news, the price of Apellis common stock declined $32.04 per share, or nearly 38%, from a close of $84.50 per share on July 14, 2023, to close at $52.46 per share on July 17, 2023.
After the market closed on July 17, 2023, Apellis issued a statement addressing the concerns raised by ASRS regarding vasculitis and ...