Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Enochian Biosciences, Inc. (ENOB)

New York, New York, UNITED STATES


NEW YORK, July 29, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Enochian Biosciences, Inc. (“Enochian Biosciences” or the “Company”) (NASDAQ: ENOB) in the United States District Court for the Central District of California on behalf of investors who purchased Enochian Biosciences stock between January 17, 2018 and June 27, 2022, inclusive (the “Class Period”), including common stock issued by Enochian Biosciences in a private placement offering on or about February 16, 2018.

The Complaint allege that Defendants failed to disclose to investors: (i) that co-founder and inventor Gumrukcu was engaged in a variety of frauds; (ii) that Gumrukcu was not a licensed doctor anywhere in the world; (iii) that, as a result of the foregoing, Gumrukcu’s purported contributions to the Company lacked a reasonable basis; (iv) that, as a result of the foregoing, the Company had overstated its commercial prospects; (v) that Gumrukcu had improperly diverted approximately $20 million from Enochian to entities he owned; and (vi) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 25, 2022, the U.S. Department of Justice announced that Serhat Gumrukcu, the co-founder and inventor of Enochian, had been arrested in a murder-for-hire conspiracy. On this news, the Company’s shares fell $2.17, or 37%, to close at $3.70 per share on May 25, 2022, on unusually heavy trading volume.

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.

Investors who purchased or otherwise acquired shares of Enochian Biosciences should contact the Firm prior to the September 26, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.