Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf of Enochian Biosciences
NEWTOWN, PA, August 3, 2022 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Enochian Biosciences Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB) common stock between February 16, 2018 and June 27,2022, inclusive (the “Class Period”).
Investors who purchased Enochian Biosciences common stock during the Class Period may move the U.S. District Court for the Central District of California to appoint them as lead plaintiff, no later than September 26,2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who wish to discuss the lead plaintiff selection process should contact Edelson Lechtzin LLP, toll free at 844-696-7492, or by email at [email protected]. A copy of the Class Action Complaint can be viewed HERE.
Background on the Enochian Biosciences Securities Class Action
Enochian is a pre-clinical stage biotechnology Company that purportedly researches and develops pharmaceutical and biological products for the human treatment of human immunodeficiency virus (“HIV”), hepatitis B virus (“HBV”), influenza and coronavirus infections, and cancer.
The Complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements related to the Company’s financial performance and future prospects. Specifically, it is alleged that: Enochian co-founder Gumrukcu was engaged in a variety of frauds; Gumrukcu was not a licensed doctor and had no degrees beyond high school. Accordingly, the scientific and technological underpinnings of Enochian’s product pipeline, purportedly invented by Gumrukcu were dubious at best and the defendants significantly overstated the commercial prospects for the Company’s product pipeline. Enochian’s senior leadership knew about Gumrukcu’s criminal history, which included fraud, thus, Enochian’s reliance on Gumrukcu – and the Company’s 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 rendered the Company’s Class Period public statements materially false and misleading.
On May 25, 2022, the U.S. Department of Justice (“DOJ”) announced that Gumrukcu had been arrested and charged in a murder-for-hire conspiracy. On this news, Enochian’s stock price fell $2.17 per share, or 36.97%, to close at $3.70 per share on May 25, 2022.
Then, on June 1, 2022, Hindenburg Research published a report on Enochian entitled, “Miracle Cures and Murder for Hire: How A Spoon-Bending Turkish Magician Built a $600 Million Nasdaq-Listen Scam Based on A Lifetime of Lies,” which noted that the individual Gumrukcu was accused of killing, Gregory Davis, was scheduled to testify against Gumrukcu. Enochain’s senior leadership knew about Gumrukcu’s criminal history, which that included being accused of a total of 14 felonies. On this news, Enochian’s stock price fell by more than 28% or $1.495 a share to close at $3.77.
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.