SAN DIEGO, July 29, 2022 /PRNewswire/ — Robbins Geller Rudmann & Dowd LLP announces that purchasers or acquirers of Enochian Biosciences Inc. (NASDAQ: ENOB) securities between January 17, 2018 and June 27, 2022inclusive (the “Class Period”) have until September 26, 2022 to seek appointment as lead applicant in the Enochian Biosciences class action. The Enochian Biosciences class action lawsuit – subtitled Chow v Enochian Biosciences Inc.no. 22-cv-05147 (CD Cal.) – charge Enochian Biosciences Inc.. as well as some of its directors and officers who violated the Securities Exchange Act of 1934. A complaint filed later, Manici c. Enochian Biosciences Inc.no. 22-cv-05237, is also pending in the central district of California.
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CASE ALLEGATIONS: Enochian Biosciences is a preclinical-stage biotechnology company believed to research and develop pharmaceuticals and biologicals for the human treatment of HIV, HBV, influenza and coronavirus infections, and cancer. Enochian Biosciences and its senior management have recognized Serhat Gumrukcu (“Gumrukcu”), co-founder of Enochian Biosciences, as the “inventor” of the technology and science behind Enochian Biosciences’ product portfolio. Enochian Biosciences has several consulting and license 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 The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Gumrukcu was not a licensed physician and had no verifiable credentials beyond high school; (ii) therefore, the scientific and technological underpinnings of Enochian Biosciences’ portfolio of products, allegedly invented by Gumrukcu, were questionable at best; (iii) as a result, Enochian Biosciences had significantly overestimated the commercial prospects of Enochian Biosciences’ product portfolio; (iv) senior management of Enochian Biosciences knew that Gumrukcu had a criminal history that included fraud; (v) as a result, Enochian Biosciences’ reliance on Gumrukcu, and its consulting and licensing agreements with G-Tech and SRI, exposed Enochian Biosciences to increased risk of damage to reputation and finances, as well as a threat to the integrity of the scientific discoveries of Enochian Biosciences; and (vi) accordingly, Enochian Biosciences’ public statements were materially false and misleading at all material times.
On May 25, 2022, the US Department of Justice announced that Gumrukcu had been arrested and charged with conspiracy to murder for hire. At this news, Enochian Biosciences’ share price fell just under 37%, hurting investors.
Then, on June 1, 2022Hindenburg Research published a report on Enochian Biosciences titled “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 due in court to defend himself against allegations of criminal fraud related to a 2016 deal with Davis” and that “[f]Federal prosecutors argued that the potential merger deal that ultimately resulted in Enochian [Biosciences] going public was one of the main motives for the murder. “The Hindenburg Research report also stated that”[u]not known to investors (but known to Enochians [Biosciences’] senior management) Gumrukcu’s latest arrest for conspiracy to murder is simply the latest in a string of alleged crimes by Gumrukcu”, who “was arrested on charges of impersonating a doctor” in his hometown. Turkey in 2012 and “[i]not February 2017Gumrukcu was arrested by the authorities after the state of california charged him with a series of white-collar crimes, including fraud, identity theft and check theft – a total of 14 crimes. At this news, Enochian Biosciences’ share price fell more than 28%.
Finally, on June 27, 2022, The Wall Street Journal published an article about Gumrukcu’s involvement in the murder-for-hire conspiracy, claiming that Gumrukcu owed Davis more $900,000 after Gumrukcu persuaded Davis to enter into a fraudulent oil deal with him. The article further alleged that FBI agents suspected Gumrukcu “of fabricating his CV and of not having a medical degree or doctorate”. Following this news, Enochian Biosciences’ share price fell another 21.9%, further hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired securities of Enochian Biosciences during the Class Period to seek appointment as lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Enochian Biosciences class action. The main plaintiff can select a law firm of his choice to plead Enochian Biosciences class action. An investor’s ability to participate in any potential future takeover does not depend on its status as the lead claimant of the Enochian Biosciences class action.
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