NEW YORK, Sept. 30, 2016 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Seres Therapeutics, Inc. ("Seres" or the "Company") (Nasdaq: MCRB) and certain of its officers, on behalf of shareholders who held Seres securities between June 25, 2015 and July 29, 2016.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that throughout the Class Period, Seres made materially false and misleading statements regarding the potential and efficacy of the Company's lead drug product candidate SER-109. Specifically, the complaint alleges that Seres advertised and hyped the drug as "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 announced that the Phase 2 clinical trial of SER-109 did reach its primary endpoint. President and CEO Roger J. Pomerantz in an earnings call also admitted that certain undisclosed modifications had been made to SER-109 formulation before the trial. Following this news, Seres Therapeutics stock dropped from a close of $35.77 per share on July 28, 2016, to a close of just $9.73 on August 1, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/mcrb or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Seres you have until November 28, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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