LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Enochian Biosciences, Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Enochian investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/enochian-biosciences-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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.
Then, on July 1, 2022, Enochian announced the results of its internal review of scientific data, disclosing that it had discovered that “former scientific advisor Serhat Gumrukçu altered two different sets of animal data generated by third-party research institutions." Additionally, the Company is “evaluating its internal controls regarding the review and verification of external scientific data and will modify as appropriate.”
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Whistleblower Notice: Persons with non-public information regarding Enochian should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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