In Re: Apellis Pharm., Inc. Securities Litigation v.

Summary

The court affirmed dismissal of the securities-fraud complaint because the alleged omissions did not make defendants' statements about the absence of retinal vasculitis in clinical trials materially misleading. The publicly available trial protocols disclosed when fluorescein angiograms would be administered, the protocols were followed, and no trial participant was shown to have developed retinal vasculitis. The court did not decide whether plaintiffs adequately pleaded scienter.