Seres investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Seres is a clinical stage biopharmaceutical company with a focus on microbiome therapeutics. The company’s lead product candidate is SER-109, a clinical-stage oral microbiome therapeutic designed to prevent further recurrences of Clostridium difficile infection (“CDI”), a debilitating infection of the colon.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements. Specifically, the complaint alleges that Seres and certain of its officers and directors have misrepresented: (i) the efficacy of SER-109, and attendant capacity for approval by the U.S. Food and Drug Administration; and (ii) the structure of the Phase 2 trial designed to further test the efficacy of SER-109.
On May 27, 2015, Seres filed a Form S-1 Registration Statement (“Registration Statement”) with the SEC announcing its initial public offering. The Registration Statement was deemed effective by the SEC on June 25, 2015, the beginning of the Class Period. The Registration Statement touted the efficacy and outlook of Seres’s lead drug candidate, SER-109
According to the complaint, on July 29, 2016, following close of market, Seres issued a press release announcing interim 8-week results from the Phase 2 clinical trial of SER-109. The company disclosed that SER-109 had failed to reach its primary endpoint of reducing the relative risk of CDI recurrence at up to 8-weeks when compared to a placebo.
Following this news, the price of Seres common stock declined from a closing share price of $35.77 on July 28, 2016 to close at $9.73 per share on August 1, 2016, a loss of more than 70%, on extremely heavy trading volume.
If you are a member of the class described above, you may no later than October 24, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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