Enochian Biosciences, Inc.


Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Enochian To Contact Him Directly To Discuss Their Options

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).

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 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 (“Hindenburg”) published a report on Enochian entitled “Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies” (the “Hindenburg Report”). The Hindenburg Report noted that the individual in whose murder Gumrukcu was implicated, Gregory Davis, “was murdered . . . just 19 days before Gumrukcu was scheduled to appear in court to defend himself against felony fraud allegations related to a 2016 deal with Davis” and that “federal prosecutors argued that the prospective merger deal that eventually resulted in Enochian going public served as a key motive for the murder.” The Hindenburg Report also stated that “unbeknownst to investors (but known to Enochian’s senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the most recent in a string of alleged crimes by Gumrukcu,” who “was arrested based on accusations of falsely posing as a doctor” in his native Turkey in 2012 and “in February 2017, Gumrukcu was arrested by authorities after the State of California accused him of a slew of white-collar crimes, including fraud, identity theft, and check kiting – a total of 14 felonies.” The Hindenburg Report further stated that “we have been unable to find any jurisdiction in which Gumrukcu is licensed as a medical doctor” and that “Gumrukcu looks to have purchased a fake Russian medical degree on the black market.”

On this news, Enochian’s stock price fell $1.495 per share, or 28.42%, to close at $3.765 per share on June 1, 2022.

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.

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Enochian Biosciences, Inc.

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Details

Filed on 06/01/2022

Ticker ENOB

Class period 01/17/2018 - 06/27/2022

Lead Plaintiff Deadline 09/26/2022

42 days remaining

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

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