Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In ESSA Pharma To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in ESSA Pharma between December 12, 2023 and October 31, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against ESSA Pharma Inc. (“ESSA” or the “Company”) (NASDAQ: EPIX) and reminds investors of the March 25, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) masofaniten in combination with enzalutamide had no clear efficacy benefit over enzalutamide alone; (2) accordingly, masofaniten in combination with enzalutamide was less effective in treating prostate cancer than Defendants had led investors to believe; (3) the M-E Combination Study was unlikely to meet its prespecified Phase 2 primary endpoint; (4) accordingly, Defendants had overstated masofaniten’s clinical, regulatory, and commercial prospects; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On October 31, 2024, ESSA announced that it was ending its Phase 2 trial for a prostate cancer treatment which tested masofaniten with enzalutamide versus enzalutamide alone in patients with metastatic castration-resistant prostate cancer who had not yet used second-generation antiandrogens. According to the Company, the decision followed an interim review of safety, PK, and efficacy data. Specifically, results showed a higher PSA90 response rate in patients treated with enzalutamide alone than expected based on historical data and no clear benefit was seen with the masofaniten-enzalutamide combination over enzalutamide alone. Further, futility analysis showed a low likelihood of achieving the study’s primary endpoint. Finally, ESSA also said it will end other clinical studies on masofaniten, both as a monotherapy and in combination with other treatments, to focus resources.
On this news, ESSA’s price fell $3.80 per share, or 73.08%, to close at $1.40 per share on November 1, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding ESSA’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the ESSA Pharma class action, go to www.faruqilaw.com/EPIX or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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