Seres Therapeutics, Inc. ("Seres" or the Company) is an American biotechnology company with a focus on treatments that modulate the function of the human microbiome.

According to the law firm press release, the Complaint alleges that throughout the Class Period, Seres 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, the Company's President and CEO 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.

On December 12, 2016, Lead Plaintiff and Counsel were appointed. Lead Plaintiff filed an amended Complaint on February 13, 2017. Defendants filed a Motion to Dismiss the amended Complaint on March 30. On March 30, 2018, the Court issued an Order granting Defendants' Motion to Dismiss.