A lawsuit was filed on behalf of investors in Enochian Biosciences, Inc. (NASDAQ:ENOB) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 08/18/2022 --An investor, who purchased shares of Enochian Biosciences, Inc. (NASDAQ: ENOB), filed a lawsuit against Enochian Biosciences, Inc over alleged Securities Laws violations.

Investors who purchased shares of Enochian Biosciences, Inc. (NASDAQ: ENOB) have certain options and for certain investors are short and strict deadlines running. Deadline: September 26, 2022. NASDAQ: ENOB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Los Angeles, CA based Enochian Biosciences, Inc., a pre-clinical stage biotechnology company, engages in the research and development of pharmaceutical and biological products for the human treatment of human immunodeficiency virus (HIV), hepatitis B virus (HBV), influenza and coronavirus infections, and cancer. Enochian Biosciences, Inc and its top management have credited Serhat Gumrukcu ("Gumrukcu"), Enochian's co-founder and largest shareholder, as a "genius" and the "inventor" of the technology and science behind the Company's product pipeline.

Enochian Biosciences, Inc has multiple consulting and licensing agreements with G-Tech Bio, LLC, a California limited liability company ("G-Tech"), and G Health Research Foundation, a not-for-profit entity organized under the laws of California doing business as Seraph Research Institute ("SRI"), both of which are controlled by Gumrukcu.

On May 25, 2022, the United States Attorney's Office for the District of Vermont, announced that the co-founder of Enochian Biosciences Inc was arrested on May 25, 2022, following a two-year investigation into a man who was kidnapped and found dead in January 2018. Dr. Serhat Gumrukcu, a co-founder of Enochian Biosciences, is being charged with conspiring to use interstate commerce facilities in the commission of murder-for-hire, which resulted in the death of Gregory Davis, a resident of Vermont.

Dr. Gumrukcu sold 253,493 shares of Enochian Biosciences stock on May 18, 2022, for a total value of over $2 million.

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 "[f]ederal 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 "[u]nbeknownst 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 "[i]n 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 "[w]e 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[.]"

Shares of Enochian Biosciences, Inc. (NASDAQ: ENOB) declined to as low as $1.42 per share on July 5, 2022.

The plaintiff claims that between September 24, 2020 and May 31, 2022, the Defendants made false and/or misleading statements and/or failed to disclose thatGumrukcu was not a licensed doctor and had no verifiable degrees beyond high school, that accordingly, the scientific and technological underpinnings of Enochian's product pipeline, purportedly invented by Gumrukcu, were dubious at best, that accordingly, the Defendants had significantly overstated the commercial prospects for the Company's product pipeline, that Enochian's senior leadership knew Gumrukcu had a criminal history that included fraud, that 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 that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Enochian Biosciences, Inc. (NASDAQ: ENOB) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.