Bronstein, Gewirtz & Grossman, LLC Files Class Action Lawsuit Against ESSA Pharma Inc.
On February 3, 2025, Bronstein, Gewirtz & Grossman, LLC, a leading national securities fraud law firm, announced the filing of a class action lawsuit against ESSA Pharma Inc. (“ESSA” or “the Company”) (NASDAQ:EPIX) and certain of its officers. The lawsuit was filed in the United States District Court for the Southern District of New York and alleges that the Company and its officers violated the federal securities laws.
Class Definition
The lawsuit seeks to recover damages on behalf of all persons and entities that purchased or otherwise acquired ESSA securities between December 12, 2023 and October 31, 2024, both dates inclusive (the “Class Period”). The complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and financial condition.
Allegations against ESSA Pharma
According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that:
- ESSA’s clinical trials for its lead product were not progressing as planned;
- The Company’s financial statements contained materially false and misleading information;
- ESSA was experiencing significant delays in the development of its product;
- The Company’s revenue projections were overstated;
- There were material weaknesses in ESSA’s internal control over financial reporting.
As a result of defendants’ false and/or misleading statements and/or omissions, the Company’s stock traded at artificially inflated prices during the Class Period, causing investors harm.
Impact on Individual Investors
The filing of this class action lawsuit may have significant implications for individual investors who purchased ESSA securities during the Class Period. If the allegations in the complaint are proven, these investors may be entitled to recover damages resulting from their losses.
Impact on the World
The impact of this lawsuit on the world at large may depend on the outcome of the case. If the allegations in the complaint are proven, it could serve as a reminder to investors to carefully research companies before investing and to be wary of potential red flags. It could also result in increased scrutiny of the biotech industry and its regulatory oversight.
Conclusion
The filing of this class action lawsuit against ESSA Pharma Inc. and certain of its officers is a significant development for investors who purchased the Company’s securities during the Class Period. If the allegations in the complaint are proven, these investors may be entitled to recover damages resulting from their losses. The outcome of this case could also have broader implications for the biotech industry and its regulatory oversight.
Bronstein, Gewirtz & Grossman, LLC is dedicated to ensuring that all investors have access to the truth and that companies are held accountable for any wrongdoing. If you purchased ESSA securities during the Class Period and wish to discuss your legal rights, please contact the firm.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the filing parties and are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those contemplated by the forward-looking statements.
Bronstein, Gewirtz & Grossman, LLC provides this press release as a public service and does not accept legal advertising. The law firm is not a plaintiff in this action. The plaintiff is proceeding pro se.
