The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading positive statements about the potential and efficacy of its lead drug product candidate SER-109.
Specifically, July 29, 2016, the Company announced 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. Based on 8-week data, CDI recurrence occurred in 44 percent of subjects (26 of 59) who received SER-109, compared to percent of subjects (16 of 30) who received placebo. According to the Company, the relative risk of CDI recurrence for the placebo population compared to the SER-109 population was not statistically significant.
After the announcement, Seres's share price fell from $35.77 per share on July 28, 2016 to a closing price of $9.73 on August 1, 2016 —a $26.04 or a 72.8% drop.
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If you invested in Seres stock or options between June 25, 2015 and July 29, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/MCRB. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Seres's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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