Hagens Berman Sobol Shapiro LLP alerts investors in Seres Therapeutics, Inc. (NASDAQ: MCRB) that it is investigating possible securities law violations.
If you purchased or otherwise acquired securities of Seres Therapeutics, Inc. and suffered over $75,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/MCRB
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing MCRB@hbsslaw.com.
The investigation concerns management’s statements and the events surrounding Seres’ July 29, 2016 announcement that its 8-week results from the ongoing SER-109 Phase 2 ECOSPOR™ clinical study for the prevention of multiply recurrent Clostridium difficile infection (“CDI”) did not meet the primary endpoint of reducing the relative risk of CDI recurrence.
On this news, the price of Seres’ shares opened trading down 76% to $8.52 per share. Two days before the announcement, on July 27, 2016, Seres’ President, Chief Executive Officer, and Chairman of the Board (Roger Pomerantz) sold 20,000 shares at $35 per share for gross proceeds of $700,000. That same day, another senior executive sold 38,064 shares at $35.1285 per share for gross proceeds of $1,337,510.
“The insider selling two days before Seres’ adverse announcement and its disastrous impact on the stock price is very concerning,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Seres Therapeutics, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MCRB@hbsslaw.com.
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160801005322/en/
Contacts:
Reed Kathrein, 510-725-3000
