Gibbs Law Group Investigates Potential Securities Law Violations
Shares of Enochian Biosciences, Inc. plunged 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-for-hire conspiracy that resulted in the killing of a Vermont resident. Enochian shares plummeted another 28% on June 1, 2022 after Hindenburg Research released a scathing report probing Dr. Gumrukçu’s previous criminal charges over the past two decades, while also alleging that Enochian’s business model is similarly checkered. Today, June 6, 2022, Enochian shares were down nearly 10% to close at $3.23, and InvestorsObserver gave the company a neutral score. Gibbs Law Group continues to investigate a potential Enochian Securities Class Action Lawsuit on behalf of shareholders who lost money in Enochian Biosciences, Inc. (NASDAQ: ENOB).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Wednesday May 25, 2022, the DOJ announced that Dr. Serhat Gumrukçu, co-founder and inventor behind Enochian Biosciences, Inc., was arrested the previous day for allegedly conspiring in the murder-for-hire 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 felony fraud allegations connected to a business deal with the decedent in 2016. According to Hindenburg, a “key motive” of the killing was a prospective merger deal that eventually led to Enochian Biosciences coming to market.
Dr. Gumrukçu allegedly had a criminal past for the past two decades, according to the Hindenburg report. In 2012, he was reportedly arrested in Turkey for falsely posing as a doctor and administering sham treatment to a cancer patient who later passed away. Then in 2017, Dr. Gumrukçu was reported arrested in California for multiple white-collar felonies. Hindenburg Research details how Enochian still chose to acquire and take public a Gumrukçu-affiliated entity in January 2018, despite the ongoing criminal proceedings involving Gumrukçu.
Enochian Biosciences itself appears to heavily rely on ideas and inventions by Dr. Gumrukçu, who allegedly lied about having multiple PhDs and an MD, as claimed by Hindenburg. The company claims to have a potential treatments and vaccines for HIV, the flu, hepatitis, cancer, and COVID-19, but according to Hindenburg, these treatments are all still in the preclinical stage. Dr. Gumrukçu has virtually always handled presenting the data for these treatments at conferences, according to Hindenburg, and Enochian’s SEC filings also admit that the company “heavily relies” on Dr. Gumrukçu and his private consulting companies.
Following the report, Enochian’s stock price plunged 28% on June 1, 2022, causing significant harm to investors.
What Should Enochian Investors Do?
If you invested in Enochian, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Enochian has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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CONTACT: EILEEN EPSTEIN