Shareholder rights law firm Robbins LLP is investigating Enochian Biosciences Inc. (NASDAQ: ENOB) and its officers and directors to evaluate whether they violated securities laws or breached fiduciary duties by overstating the Company's commercial prospects for its product pipeline. Enochian is a pre-clinical stage biotechnology company that purportedly researches and develops pharmaceutical and biological products for the human treatment of human immunodeficiency virus, hepatitis B virus, influenza and coronavirus infections, and cancer.
If you would like more information about our investigation of Enochian Biosciences Inc.'s misconduct, click here.
What is this Case About: According to a class action complaint filed against Enochian, Enochian and its top management have credited Dr. Serhat Gumrukcu, Enochian's co-founder and largest shareholder, as a "genius" and the "inventor" of the technology and science behind the Company's product pipeline. However, defendants failed to disclose to shareholders that Gumrukcu had no verifiable degrees beyond high school and therefore, the scientific and technological underpinnings of Enochian's product pipeline purportedly invented by Gumrukcu were dubious at best. As such, defendants significantly overstated the commercial prospects for the Company's product pipeline. Further, Gumrukcu had a criminal history, including fraud, of which Enochian's senior leadership was aware.
On May 25, 2022, the U.S. Department of Justice announced that Gumrukcu had been arrested and charged in a murder-for-hire conspiracy. On this news, the price of Enochian's stock fell almost 37%, to close at $3.70 per share on May 25, 2022. Then, on June 1, 2022, Hindenburg Research published a report on Enochian highlighting the murder-for-hire plot, as well as the other crimes committed by Gumrukcu. Specifically, Gumrukcu "was arrested based on accusations of falsely posing as a doctor" in 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, identify theft, and check kiting – a total of 14 felonies." On this news, Enochian's stock fell another 28.42%, to close at $3.765 per share on June 1, 2022.
Next Steps: If you acquired shares of Enochian Biosciences Inc. between September 24, 2020 and May 31, 2022, you have legal rights. Contact Robbins LLP for more information about your legal options.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Enochian Biosciences Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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