Case Page

 

Case Status:    ONGOING    
On or around 08/30/2017 (Ongoing date of last review)

Filing Date: September 28, 2016

According to the law firm press release, 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, 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.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MCRB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 16-CV-11943
JUDGE: Hon. Denise J. Casper
DATE FILED: 09/28/2016
CLASS PERIOD START: 06/25/2015
CLASS PERIOD END: 07/29/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 16-CV-11943
JUDGE: Hon. Denise J. Casper
DATE FILED: 02/13/2017
CLASS PERIOD START: 06/25/2015
CLASS PERIOD END: 07/29/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Hagens Berman Sobol Shapiro LLP (Cambridge)
    55 Cambridge Parkway Suite 301 , Hagens Berman Sobol Shapiro LLP (Cambridge), MA 02142
    617-482-3700 617-482-3003 ·
  3. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
No Document Title Filing Date