New York based Levi & Korsinsky announces that a class action lawsuit has been commenced on behalf of shareholders of Seres Therapeutics, Inc. (NASDAQ: MCRB) who purchased their shares between June 25, 2015 and July 29, 2016.
The complaint alleges that Seres Therapeutics made materially false and misleading positive statements about the potential and efficacy of its lead drug product candidate, SER-109.
The New York based law firm issued the following statement:
To: All persons or entities who purchased shares of Seres Therapeutics, Inc. (NASDAQ: MCRB) between June 25, 2015 and July 29, 2016. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of Massachusetts. To get more information go to:
http://zlk.9nl.com/seres-therapeutics
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
There is no cost or obligation to you.
The complaint alleges that throughout the Class Period, Seres Therapeutics made materially false and misleading positive statements about the potential and efficacy of its lead drug product candidate SER-109. In particular, it is alleged that Seres touted the drug, calling it one among a “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, the Company issued a press release announcing that the Phase 2 clinical trial of SER-109 did not achieve its primary endpoint. In an earnings call, President and CEO Roger J. Pomerantz also revealed that certain undisclosed modifications had been made to the formulation of SER-109 prior to the trial. Following this news, shares of Seres Therapeutics fell from a close of $35.77 on July 28, 2016, to a close of just $9.73 on August 1, 2016.
If you suffered a loss in Seres Therapeutics you have until November 28, 2016to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com