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Enochian Deadline AlertJul 31st, 2022 8:42 EST
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Enochian To Contact Him Directly To Discuss Their Options
New York, New York–(Newsfile Corp. – July 31, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Enochian Biosciences, Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB) and reminds investors of the September 26, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Enochian stock or options between January 17, 2018 and June 27, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ENOB.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Gumrukcu was not a licensed doctor and had no verifiable degrees beyond high school; (2) accordingly, the scientific and technological underpinnings of Enochian’s product pipeline, purportedly invented by Gumrukcu, were dubious at best; (3) accordingly, the Defendants had significantly overstated the commercial prospects for the Company’s product pipeline; (4) Enochian’s senior leadership knew Gumrukcu had a criminal history that included fraud; (5) accordingly, Enochian’s reliance on Gumrukcu, and its consulting and licensing agreements with G-Tech and SRI, subjected the Company to a heightened risk of reputational and financial harm, as well as threatened the integrity of the Company’s scientific findings; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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% to close at $3.76 per share on June 1, 2022, thereby injuring investors further.
On June 27, 2022, The Wall Street Journal published an article about Gumrukcu’s participation in the murder-for-hire conspiracy, claiming that Gumrukcu owed Davis over $900,000 after Gumrukcu coaxed Davis into entering into a fraudulent oil deal with him. The article further alleged that FBI agents were suspicious that Gumrukcu “had fabricated his resume and held neither a medical degree nor a doctoral degree.”
On this news, the Company’s shares fell $0.73, or 21.9%, to close at $2.60 per share on June 27, 2022, on unusually heavy trading volume.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Enochian’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132386