SAN DIEGO, July 29, 2022 /PRNewswire/ — Robbins Geller-Rudman & Dowd LLP announces that the purchasers or acquirers of Enochian Biosciences Inc. (NASDAQ: ENOB) values between January 17, 2018 Y June 27, 2022inclusive (the “Class Period”) have up to September 26, 2022 apply for appointment as lead plaintiff in the enochian biosciences collective lawsuit. the enochian biosciences class action lawsuit – subtitled Chow v. Enochian Biosciences Inc.No. 22-cv-05147 (CD Cal.) – accuses Enochian Biosciences Inc.. as well as some of its directors and officers with violations of the Stock Exchange Act of 1934. A complaint filed later, Manici v. Enochian Biosciences Inc.No. 22-cv-05237, is also being processed in the Central District of California.
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ALLEGATIONS OF THE CASE: Enochian Biosciences is a preclinical-stage biotechnology company purportedly researching and developing pharmaceutical and biological products for the human treatment of HIV, HBV, influenza and coronavirus infections, and cancer. Enochian Biosciences and its senior management have credited Serhat Gumrukcu (“Gumrukcu”), co-founder of Enochian Biosciences, as the “inventor” of the technology and science behind Enochian Biosciences’ product portfolio. 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 controlled by Gumrukcu.
the enochian biosciences the class action alleges that, during 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 degrees beyond high school; (ii) consequently, the scientific and technological underpinnings of Enochian Biosciences’ product portfolio, allegedly invented by Gumrukcu, were dubious at best; (iii) as a result, Enochian Biosciences had materially overstated the commercial prospects for Enochian Biosciences’ product portfolio; (iv) senior management at Enochian Biosciences knew that Gumrukcu had a criminal record that included fraud; (v) consequently, Enochian Biosciences’ reliance on Gumrukcu, and its consulting and licensing agreements with G-Tech and SRI, subjected Enochian Biosciences to increased risk of financial and reputational damage, and threatened the integrity of the findings scientists from Enochian Biosciences. ; and (vi) as a result, Enochian Biosciences’ public statements were materially false and misleading at all material times.
In May 25, 2022, the US Department of Justice announced that Gumrukcu had been arrested and charged with a murder-for-hire conspiracy. In this news, Enochian Biosciences’ Values the price fell just under 37%, hurting investors.
So in 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 person in whose murder Gumrukcu was implicated, gregory davis“was killed . . . just 19 days before Gumrukcu was due to appear in court to defend himself against felony fraud charges related to a 2016 settlement with Davis” and that “[f]Federal prosecutors argued that the potential 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]not known to investors (but known to Enochian [Biosciences’] senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the latest in a series of alleged crimes committed by Gumrukcu,” who “was arrested on charges of falsely posing as a doctor” in his native country. Turkey in 2012 and “[i]north 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 forgery, a total of 14 felonies.” In this news, Enochian Biosciences’ Values the price fell more than 28%.
Finally, in 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 “had fabricated his resume and did not have a medical degree or Ph.D.” On this news, Enochian Biosciences’ share price fell an additional 21.9%, further hurting investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired securities of Enochian Biosciences during the Class Period to apply for appointment as lead plaintiff. A lead plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and proper of the putative class. A lead plaintiff acts on behalf of all other class members by directing the enochian biosciences collective lawsuit. The lead plaintiff may select a law firm of her choice to litigate the enochian biosciences collective lawsuit. An investor’s ability to participate in any potential future recovery is not dependent on him acting as the principal claimant in the enochian biosciences collective 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 No. 1 in 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 plaintiff firm. With 200 attorneys 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 class action recovery of values in history: $7.2 billion – in In re Enron Corp. Sec. Litigation Please visit the following page for more information:
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