#None #Securities Fraud #ESSA Pharma #Faruqi & Faruqi

Investigation into ESSA Pharma by Faruqi & Faruqi

Faruqi & Faruqi, LLP, a prominent national law firm specializing in securities issues, has initiated an investigation focused on ESSA Pharma Inc. This action aims to explore potential claims for investors who may have incurred losses in their investments due to the company's alleged misleading statements. Investors who acquired ESSA Pharma securities between December 12, 2023, and October 31, 2024, are particularly encouraged to evaluate their legal rights.

The firm emphasizes the urgency of this matter, stating a deadline of March 25, 2025, is set for those wishing to seek the role of lead plaintiff in a federal securities class action against ESSA. This situation arises after the company faced scrutiny for their overstated claims regarding the efficacy of their prostate cancer treatment, masofaniten, especially in combination with enzalutamide.

Background on ESSA Pharma's Treatment Claims

Recent reports revealed that ESSA’s claims regarding masofaniten’s effectiveness appeared to contradict the results disclosed in their recent Phase 2 trial. The trial aimed to evaluate the combination therapy of masofaniten with enzalutamide versus enzalutamide alone. However, interim results indicated a surprising trend: patients treated with enzalutamide alone showed a higher PSA90 response rate than those on the combination treatment. This was unexpected and led to a substantial reassessment of masofaniten’s commercial potential.

Further, the findings from a futility analysis suggested a minimal chance that the study's primary endpoint could be achieved. In light of these results, ESSA announced the termination of their Phase 2 trial on October 31, 2024, a decision that significantly impacted their stock price, causing a staggering drop of 73% on November 1, 2024.

Legal Implications for Investors

Investors may find themselves at a crossroads as they contemplate their response to the tumultuous events revolving around ESSA. Faruqi & Faruqi's investigation encourages those feeling the impact of these disclosures to consider their options moving forward. The firm highlights that a lead plaintiff plays a crucial role in guiding the litigation process on behalf of all affected shareholders, with legal counsel advocating for their interests. Those who decide to step forward as lead plaintiffs will engage with the litigation proceedings, while others can choose to remain as absent class members without jeopardizing their chances of recovery.

For shareholders with insights regarding ESSA Pharma's operations, including whistleblowers and former employees, they are urged to step forward and contribute to the investigation. This could prove beneficial not just for individual investors, but also to enhance the collective case against the company.

Faruqi & Faruqi emphasizes their commitment to recovering losses for investors since their inception in 1995, having recovered hundreds of millions of dollars through strategic legal actions in the past. As they navigate this challenging landscape surrounding ESSA Pharma, shareholders are reminded to stay informed about updates on the case and their rights under federal securities law.

Conclusion

As this situation evolves, Faruqi & Faruqi remain a key ally for investors seeking justice in the face of potentially misleading practices by ESSA Pharma. Investors affected by this incident should remain vigilant, proactively exploring the implications for their investments and taking necessary legal steps to safeguard their interests. For further information about the class action against ESSA Pharma, individuals can visit Faruqi & Faruqi’s website or directly contact partner Josh Wilson for personalized legal advice and support.

Contact Information

To discuss potential claims or learn more about becoming involved with the class action, investors are encouraged to reach out to Faruqi & Faruqi at 877-247-4292 or 212-983-9330 (Ext. 1310).