Loss of money in Enochian Biosciences, Inc.?
OAKLAND, Calif.–(BUSINESS WIRE)–Shares of Enochian Biosciences, Inc. fell 36% on May 25, 2022 after its co-founder and largest shareholder, Dr. Serhat Gumrukçu, was arrested and charged by the DOJ for an alleged murder conspiracy for-hire that resulted in the murder of a Vermont resident. Enochian shares fell another 28% on June 1, 2022 after Hindenburg Research released a scathing report investigating Dr. Gumrukçu’s previous criminal charges over the past two decades, while also alleging that Enochian’s business model Enochian is also checkered. Today, June 6, 2022, shares of Enochian were down almost 10% to close at $3.23, and InvestorsObserver gave the company a neutral score. Gibbs Law Group continues to investigate a potential class action lawsuit against Enochian Securities on behalf of shareholders who lost money in Enochian Biosciences, Inc. (NASDAQ: ENOB).
To speak to a lawyer regarding this class action investigation, click here or call (888) 410-2925.
On Wednesday, May 25, 2022, the DOJ announced that Dr. Serhat Gumrukçu, co-founder and inventor of Enochian Biosciences, Inc., had been arrested the previous day for allegedly conspiring in the for-hire murder of a New Jersey man. who was killed in 2018.
Then, on Wednesday, June 1, 2022, Hindenburg Research released a report alleging that prior to the murder charges, Dr. Gumrukçu was already facing criminal fraud allegations related to a business deal with the deceased in 2016. According to Hindenburg, a The “key motive” for the murder was a potential merger deal that ultimately led to the commercialization of Enochian Biosciences.
Dr. Gumrukçu allegedly had a criminal past over the past two decades, according to the Hindenburg report. In 2012, he was reportedly arrested in Turkey for impersonating a doctor and administering a fictitious treatment to a cancer patient who later died. Then in 2017, Dr. Gumrukçu was reportedly arrested in California for several white-collar crimes. Hindenburg Research details how Enochian still chose to acquire and go public with a Gumrukçu-affiliated entity in January 2018, despite ongoing criminal proceedings involving Gumrukçu.
Enochian Biosciences itself seems to rely heavily on the ideas and inventions of Dr. Gumrukçu, who allegedly lied about having multiple doctorates and an MD, as Hindenburg claims. The company claims to have potential treatments and vaccines for HIV, influenza, hepatitis, cancer and COVID-19, but according to Hindenburg, these treatments are all still in the preclinical stage. Dr. Gumrukçu has almost always taken it upon himself to present the data for these treatments at conferences, according to Hindenburg, and Enochian’s SEC filings also admit that the company “leans heavily” on Dr. Gumrukçu and his colleagues. private consulting companies.
As a result of the report, Enochian’s stock price fell 28% on June 1, 2022, causing significant harm to investors.
What should Enochian investors do?
If you have invested in Enochian, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you might recoup your losses. Our investigation focuses on whether Enochian violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors nationwide in securities litigation to redress abusive corporate governance practices, breaches of fiduciary duty and breaches of powers of attorney. The firm has recovered over $1 billion for its clients against some of the largest corporations in the world, and our attorneys have received numerous accolades for their work, including “Best Lawyers in America”, “Best Plaintiffs Lawyers in California “, “California Lawyer Attorney of the Year”, “Group Action Practice Group of the Year”, “Consumer Protection MVP” and “Top Women Lawyers in California”.
This press release may constitute attorney publicity in certain jurisdictions under applicable law and ethics rules.