Pomerantz Law Firm Files Class Action Against ESSA Pharma Inc. for Investor Protection
On February 4, 2025, Pomerantz LLP announced the filing of a class action lawsuit against ESSA Pharma Inc. (NASDAQ: EPIX) and several of its executives. This legal action is centered in the United States District Court for the Eastern District of Wisconsin, with the case labeled under docket number 25-cv-00124. The lawsuit intends to represent all individuals and entities, aside from the defendants, who bought or otherwise acquired ESSA's securities between December 12, 2023, and October 31, 2024. This designated period is referred to as the 'Class Period'. The primary objective of the class action is to secure damages for impacts stemming from the alleged violations of federal securities laws by ESSA and its officers.
As outlined in the lawsuit, investors who purchased ESSA securities within the Class Period must act by March 25, 2025, if they wish to apply for the appointment of lead plaintiff in the case. Interested parties can obtain the complaint and further details via Pomerantz Law's website and are encouraged to reach out to Danielle Peyton for discussions regarding the lawsuit.
ESSA Pharma Inc. is a clinical-stage pharmaceutical entity primarily focused on developing small molecule therapies targeting prostate cancer treatment. Throughout the relevant period, ESSA's flagship product candidate was masofaniten (EPI-7386), designed as an oral androgen receptor inhibitor, essential in the onset and progression of prostate cancer.
The company was conducting various clinical trials to evaluate masofaniten, both as a standalone treatment and in combination with other therapies, notably enzalutamide, in patients battling metastatic castration-resistant prostate cancer (CRPC).
Among these trials was the M-E Combination Study, in which a Phase 1/2 investigation compared the effects of masofaniten combined with enzalutamide against enzalutamide alone. The Phase 1 component of the study served as a single-arm dose escalation trial, following the results that suggested a recommended dosage of masofaniten in combination with enzalutamide geared towards optimal therapeutic benefit.
The critical aim of the Phase 2 segment was to establish the proportion of patients who achieved a 'PSA90' response — a notable decrease of at least 90% in prostate-specific antigen levels, a significant marker for treatment efficacy in prostate cancer.
However, the lawsuit claims that throughout the Class Period, the defendants issued misleading statements regarding the company's operational outlook and capabilities. Allegedly, they failed to disclose essential information, which included:
1. The combination therapy of masofaniten and enzalutamide lacked a significant efficacy advantage over enzalutamide alone.
2. Hence, masofaniten's efficacy concerning prostate cancer treatment was overstated.
3. The M-E Combination Study's likelihood of meeting its primary endpoint, as defined, was dubious.
4. Consequently, the defendants marginalized masofaniten's clinical, regulatory, and market potential.
5. Thus, the public statements made during the Class Period were substantially misleading.
On October 31, 2024, ESSA expressed its decision to suspend the Phase 2 study of M-E Combination, based on an interim review indicating a severely lower response rate in achieving the primary endpoint than anticipated. Following this announcement, ESSA's stock plummeted by $3.80 per share or a staggering 73% drop, resulting in a closing price of $1.40 per share on November 1.
Pomerantz LLP is widely recognized for its expertise in corporate, securities, and antitrust class action litigation, having pioneered securities class actions over 85 years ago. The firm has since achieved billions in recoveries for victims of securities fraud and breaches of fiduciary responsibility. Its commitment to protecting investor rights continues to serve as a hallmark of its operations. For detailed insights, investors can find more information on their official website.
As outlined in the lawsuit, investors who purchased ESSA securities within the Class Period must act by March 25, 2025, if they wish to apply for the appointment of lead plaintiff in the case. Interested parties can obtain the complaint and further details via Pomerantz Law's website and are encouraged to reach out to Danielle Peyton for discussions regarding the lawsuit.
ESSA Pharma Inc. is a clinical-stage pharmaceutical entity primarily focused on developing small molecule therapies targeting prostate cancer treatment. Throughout the relevant period, ESSA's flagship product candidate was masofaniten (EPI-7386), designed as an oral androgen receptor inhibitor, essential in the onset and progression of prostate cancer.
The company was conducting various clinical trials to evaluate masofaniten, both as a standalone treatment and in combination with other therapies, notably enzalutamide, in patients battling metastatic castration-resistant prostate cancer (CRPC).
Among these trials was the M-E Combination Study, in which a Phase 1/2 investigation compared the effects of masofaniten combined with enzalutamide against enzalutamide alone. The Phase 1 component of the study served as a single-arm dose escalation trial, following the results that suggested a recommended dosage of masofaniten in combination with enzalutamide geared towards optimal therapeutic benefit.
The critical aim of the Phase 2 segment was to establish the proportion of patients who achieved a 'PSA90' response — a notable decrease of at least 90% in prostate-specific antigen levels, a significant marker for treatment efficacy in prostate cancer.
However, the lawsuit claims that throughout the Class Period, the defendants issued misleading statements regarding the company's operational outlook and capabilities. Allegedly, they failed to disclose essential information, which included:
1. The combination therapy of masofaniten and enzalutamide lacked a significant efficacy advantage over enzalutamide alone.
2. Hence, masofaniten's efficacy concerning prostate cancer treatment was overstated.
3. The M-E Combination Study's likelihood of meeting its primary endpoint, as defined, was dubious.
4. Consequently, the defendants marginalized masofaniten's clinical, regulatory, and market potential.
5. Thus, the public statements made during the Class Period were substantially misleading.
On October 31, 2024, ESSA expressed its decision to suspend the Phase 2 study of M-E Combination, based on an interim review indicating a severely lower response rate in achieving the primary endpoint than anticipated. Following this announcement, ESSA's stock plummeted by $3.80 per share or a staggering 73% drop, resulting in a closing price of $1.40 per share on November 1.
Pomerantz LLP is widely recognized for its expertise in corporate, securities, and antitrust class action litigation, having pioneered securities class actions over 85 years ago. The firm has since achieved billions in recoveries for victims of securities fraud and breaches of fiduciary responsibility. Its commitment to protecting investor rights continues to serve as a hallmark of its operations. For detailed insights, investors can find more information on their official website.
Topics Financial Services & Investing）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.