Apellis Investors Ask to Revive Suit Tossed as Scientific Clash

Apellis Pharmaceuticals Inc.'s misleading half-truths to hide risks tied to its blindness-prevention treatment before a series of clinical trial updates led to the company stock’s worst month since its market debut are a sufficient basis for a suit, investors told an appellate court.

A federal judge adopted a “distorted reading” of their allegations surrounding instances of a form of eye inflammation when she tossed their case this year, the investors’ brief, filed Monday in the US Court of Appeals for the First Circuit, said.

Investors weren’t tricked about the publicly available details of Apellis’ clinical trials, how often participants ...