NEW YORK, Sept. 30, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Seres Therapeutics, Inc. (“Seres” or the “Company”) (Nasdaq:MCRB) in the United States District Court for the District of Massachusetts on behalf of purchasers of common stock of Seres between June 25, 2015 and July 29, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Seres made materially false and misleading statements regarding the potential and efficacy of the Company’s lead drug product candidate SER-109. Specifically, the Complaint alleges that Seres advertised and hyped the drug as “novel class of biological drugs” and a potential “first-in-field drug” despite knowledge that the Phase 2 clinical trial of SER-109 would fail to achieve its primary endpoint as compared to placebo.
On July 29, 2016, Seres announced that the Phase 2 clinical trial of SER-109 did reach its primary endpoint. President and CEO Roger J. Pomerantz in an earnings call also admitted that certain undisclosed modifications had been made to SER-109 formulation before the trial. Following this news, Seres stock dropped from a close of $35.77 per share on July 28, 2016, to a close of just $9.73 on August 1, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than November 28, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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