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On July 29, 2016, Seres issued a press release announcing that the Phase 2 clinical trial of SER-109, the Company's lead drug product candidate, 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.
On these disclosures, Seres stock fell $26.04, or 72.8%, over the next two trading days, to close at $9.73 on August 1, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-shareholders-of-seres-therapeutics-inc--mcrb-300336973.html
SOURCE Pomerantz LLP