LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Enochian Biosciences, Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 25, 2022, the U.S. Department of Justice announced that Serhat Gumrukcu, the inventor and co-founder of Enochian, had been arrested and charged in a murder-for-hire conspiracy.
On this news, Enochian’s stock fell $2.17, or 37%, to close at $3.70 per share on May 25, 2022, thereby injuring investors.
Then, on June 1, 2022, Hindenburg Research published a research report alleging, among other things, that the charge related to the murder of Gregory Davis, just days before Gumrukcu was to defend himself against felony fraud allegations related to a deal with Davis. According to the report, "[f]ederal prosecutors argued that the prospective merger deal that eventually resulted in Enochian going public served as a key motive for the murder."
On this news, Enochian’s stock fell $1.49, or 28.4%, to close at $3.77 on June 1, 2022, thereby injuring investors further.
Then, on June 27, 2022, The Wall Street Journal published an article detailing Gumrukcu’s involvement in Davis’s murder, alleging that in an oil deal with Davis, Gumrukcu had written $600,000 worth of fraudulent checks and owed Davis more than $900,000 for late fees and penalties. Davis had threatened to expose Gumrukcu’s fraud, which also threatened an ongoing deal between Enochian and a drug developer that would yield “a fortune in future drug-licensing agreements.” The article also alleged that, during an investigation of Gumrukcu’s various schemes and fraudulent checks, an FBI agent began to suspect Gumrukcu of “claiming to be an American doctor who had a special cure for cancer and AIDS.” Enochian’s former chief executive also stated that he had begun to suspect that Gumrukcu “had fabricated his résumé and held neither a medical degree nor a doctoral degree.”
On this news, Enochian’s stock fell $0.73, or 21.9%, to close at $2.60 per share on June 27, 2022, thereby injuring investors further.
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If you purchased Enochian securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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