WAYNE, Pa., Oct. 13, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the District of Massachusetts on behalf of all persons or
entities that purchased the common stock of Seres Therapeutics,
Inc. ("Seres" or the "Company") (NASDAQ: MCRB) between June 25, 2015 and July 29,
2016, inclusive (the "Class Period").
Seres shareholders may, no later than November 28, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Seres and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/mcrb.
The complaint alleges that on September
8, 2014, Seres announced final data from its Phase 1b
clinical trial of SER-109, which yielded positive results including
clinical cures and a favorable safety profile. Seres proceeded to
Phase 2 of the clinical trial to further evaluate the efficacy of
SER-109. Meanwhile, the company shed SER-109 in a positive light,
stating that it believed SER-109 would enable it "to provide a more
effective and safer treatment for preventing the recurrence of CDI
than the current standard of care." Seres subsequently issued a
press release announcing positive first quarter 2015 financial
results, stating that it had "made significant progress this
quarter to advance our mission of delivering Ecobiotic microbiome
medicines to patients" and that its successful initial public
offering indicated confidence in the company's science and data to
date.
However, the complaint alleges that Seres officials
misrepresented the efficacy of SER-109 and its attendant capacity
for approval by the U.S. Food and Drug Administration, as well as
the structure of the Phase 2 trial. Seres management was allegedly
aware that enrollment rates in the parallel open-label study of
SER-109 were not performing well in the Phase 2 trial, and that
formulation changes had been made to the Phase 2 trial which could
affect the clinical cure rate of SER-109. On July 29, 2016, Seres disclosed 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.
Specifically, CDI recurrence occurred in 44% of subjects who
received SER-109, compared to 53% of subjects who received a
placebo. The company further stated that the relative risk of CDI
recurrence for the placebo population compared to the SER-109
population was not statistically significant.
On this news, Seres stock declined more than 70% to close at
$9.73 per share on August 1, 2016.
If you are a member of the class, you may, no later than
November 28, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/mcrb. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas,
LLP
Richard A.
Maniskas, Esquire
995 Old Eagle School Rd.,
Suite 311
Wayne,
PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/mcrb
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP