NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Carvana Co. (NYSE: CVNA), Enochian Biosciences, Inc. (NASDAQ: ENOB), Novartis AG (NYSE: NVS), and Corcept Therapeutics, Inc. (NASDAQ: CORT). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Carvana Co. (NYSE: CVNA)
On May 18, 2022, the Illinois Secretary of State’s office announced that Carvana’s license to sell vehicles in Illinois was suspended on May 10 due to the misuse of issuing out-of-state temporary registration permits and for failing to transfer titles. The Secretary of State’s office stated that vehicles that have already been purchased but not yet delivered can still be delivered to the purchasers during the suspension, but no new vehicle sales can occur in Illinois during the suspension order.
On this news, Carvana’s stock price fell $6.55 per share, or 15.75%, to close at $35.05 per share on May 18, 2022.
For more information on the Carvana investigation go to: https://bespc.com/cases/CVNA
Enochian Biosciences, Inc. (NASDAQ: ENOB)
On May 25, 2022, the United State Attorney's Office for the District of Vermont, announced that the co-founder of Enochian was arrested Wednesday following a two-year investigation into a man who was kidnapped and found dead in January 2018. Dr. Serhat Gumrukcu 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.
On this news, Enochian’s stock fell $2.17, or 37%, to close at $3.70 per share on May 25, 2022.
Dr. Gumrukcu sold 253,493 shares of Enochian stock on May 18, 2022, for a total value of over $2 million.
For more information on the Enochian investigation go to: https://bespc.com/cases/ENOB
Novartis AG (NYSE: NVS)
On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its radioligand therapy production sites in Ivrea, Italy and Millburn, New Jersey.” The production halt was to “address potential quality issues identified in its manufacturing process.”
On this news, Novartis’ stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, thereby injuring investors.
Then, on May 31, 2022 STAT News published an article entitled “Documents show problems at Novartis facility where cancer drug production was halted.” The article reported that the U.S. Food and Drug Administration had cited deficiencies at the Company’s New Jersey facility following an inspection in late 2021, including a “concern that Novartis failed to notify customers about batches of Lutathera… that were distributed despite failing to meet quality specifications.”
On this news, Novartis’ stock fell sharply during intraday trading on May 31, 2022, thereby injuring investors further.
For more information on the Novartis investigation go to: https://bespc.com/cases/NVS
Corcept Therapeutics, Inc. (NASDAQ: CORT)
On December 8, 2021, Corcept disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey (the ‘NJ USAO’) pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym.” Corcept further disclosed that “[t]he NJ USAO has informed Corcept that it is investigating whether any criminal or civil violations by Corcept occurred in connection with the matters referenced in the subpoena.”
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
For more information on the Corcept investigation go to: https://bespc.com/cases/CORT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
