Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Enochian Biosciences Inc. (NASDAQ: ENOB) securities between September 24, 2020 and May 31, 2022 have until September 26, 2022 to seek appointment as lead plaintiff in the Enochian Biosciences class action lawsuit. The Enochian Biosciences class action lawsuit – captioned Chow v. Enochian Biosciences Inc., No. 22-cv-05147 (C.D. Cal.) – charges Enochian Biosciences Inc., and certain of its directors and officers with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Enochian is a pre-clinical stage biotechnology company that purportedly researches and develops pharmaceutical and biological products for the human treatment of HIV, HBV, influenza and coronavirus infections, and cancer.
Enochian and its top management have credited Serhat Gumrukcu (“Gumrukcu”), Enochian Biosciences’ co-founder, as the “inventor” of the technology and science behind Enochian Biosciences’ product pipeline.
Enochian Biosciences has multiple consulting and licensing agreements with G-Tech Bio, LLC, a California limited liability company (“G-Tech”), and G Health Research Foundation, a not-for-profit entity organized under the laws of California doing business as Seraph Research Institute (“SRI”), both of which are controlled by Gumrukcu.
The Enochian Biosciences class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Gumrukcu was not a licensed doctor and had no verifiable degrees beyond high school; (ii) accordingly, the scientific and technological underpinnings of Enochian Biosciences’ product pipeline, purportedly invented by Gumrukcu, were dubious at best; (iii) accordingly, Enochian Biosciences had significantly overstated the commercial prospects for Enochian Biosciences’ product pipeline; (iv) Enochian Biosciences’ senior leadership knew Gumrukcu had a criminal history that included fraud; (v) accordingly, Enochian Biosciences’ reliance on Gumrukcu, and its consulting and licensing agreements with G-Tech and SRI, subjected Enochian Biosciences to a heightened risk of reputational and financial harm, as well as threatened the integrity of Enochian Biosciences’ scientific findings; and (vi) as a result, Enochian Biosciences’ public statements were materially false and misleading at all relevant times.
On May 25, 2022, the United States Department of Justice announced that Gumrukcu had been arrested and charged in a murder-for-hire conspiracy. On this news, Enochian Biosciences’ stock price fell by just under 37%, damaging investors.
Then, on June 1, 2022, Hindenburg Research published a report on Enochian Biosciences entitled “Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies,” which noted that the individual in whose murder Gumrukcu was implicated, Gregory Davis, “was murdered . . . just 19 days before Gumrukcu was scheduled to appear in court to defend himself against felony fraud allegations related to a 2016 deal with Davis” and that “[f]ederal prosecutors argued that the prospective merger deal that eventually resulted in Enochian [Biosciences] going public served as a key motive for the murder.” The Hindenburg Research report also stated that “[u]nbeknownst to investors (but known to Enochian [Biosciences’] senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the most recent in a string of alleged crimes by Gumrukcu,” who “was arrested based on accusations of falsely posing as a doctor” in his native Turkey in 2012 and “[i]n February 2017, Gumrukcu was arrested by authorities after the State of California accused him of a slew of white-collar crimes, including fraud, identity theft, and check kiting – a total of 14 felonies.” On this news, Enochian Biosciences’ stock price fell by more than 28%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Enochian Biosciences securities between September 24, 2020 and May 31, 2022 to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Enochian Biosciences class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Enochian Biosciences class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Enochian Biosciences class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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