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Seres Therapeutics Inc (NASDAQ: MCRB) Investor Securities Class Action Lawsuit 09/28/2016

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Lawsuit Overview

Case Dismissed
Company
Seres Therapeutics Inc
Security
NASDAQ: MCRB

Case Name
Seres Therapeutics Shareholder Class Action Lawsuit 09/28/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 30, 2018 - The court granted defendants' motion to dismiss.

March 30 - 2017 - A motion to dismiss the amended complaint was filed.

February 13, 2017 - An amended complaint was filed.

September 28, 2016 - An investor in shares of Seres Therapeutics Inc (NASDAQ: MCRB) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Seres Therapeutics Inc in connection with certain allegedly false and misleading statements made between June 25, 2015 and July 29, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Seres Therapeutics Inc (NASDAQ: MCRB) common shares between June 25, 2015 and July 29, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 25, 2015 and July 29, 2016 the defendants made certain materially false and misleading positive statements about the potential and efficacy of its lead drug product candidate SER-109. In particular, the plaintiff alleges that Seres Therapeutics Inc 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, Seres Therapeutics Inc disclosed that its Phase 2 clinical study for ECOSPOR™ did not meet its primary endpoint of reducing the relative risk of Clostridium difficle infection recurrence. Shares of Seres Therapeutics Inc (NASDAQ: MCRB) declined on July 29, 2016 to as low as $8.05 per share.