Biotech Startup Seres Beats Suit Over Stock Drop

Law360, Boston (April 2, 2018, 2:34 PM EDT) -- A Massachusetts federal judge on Friday tossed a proposed class action against a venture capital-backed Bay State biotech company, saying its optimistic outlook about a pill-based colon infection treatment did not amount to securities fraud when an unsuccessful trial of the drug caused the company's stock to plummet.

U.S. District Judge Denise J. Casper granted the motion to dismiss by Seres Therapeutics Inc., a Cambridge, Massachusetts, startup biopharmaceutical company that had designed a drug meant to treat a recurring colon infection. The suit, brought by the asset management group Erste-Sparinvest Kapitalanlagegesellschaft mbH and the Oklahoma Law Enforcement Retirement System, claimed Seres...

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