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- Are you an investor in Enochian BioSciences, Inc. (NASDAQ: ENOB) since at least January 2018?
- Are you concerned about the performance of the ENOB stock price?
- Are you concerned about allegations that Enochian BioSciences misled investors about the background of its founder, and Enochian’s commercial prospects, among others?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation via email at arosca@rscounsel.law, leave a message through the contact form on this page, or call us at 888-998-0530.
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Posted August 24, 2022
Dentsply Sirona Investigation
Securities attorneys Alan Rosca and Paul Scarlato have been investigating allegations of securities violations, misrepresentations, corporate misconduct, and questionable business practices, all involving Enochian BioSciences, and have identified potential areas of concern.
ENOB investors interested to evaluate potential options to pursue claims related to their Enochian BioSciences holdings may contact investor rights attorneys Alan Rosca and Paul Scarlato. Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of corporate misconduct and are currently evaluating potential claims on behalf of investors in Enochian BioSciences. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, pursuant to court review and approval.
Claims that are not timely pursued may expire or otherwise be lost, generally speaking. Enochian BioSciences investors interested to explore potential claims should consider taking action promptly.
Concerned ENOB stock investors may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Enochian BioSciences Recent Stock Price Decline and Historical Performance
Enochian BioSciences Inc. is a Los Angeles, California, based a pre-clinical stage biotechnology company that was reportedly created in or about February 2018, as a result of a merger agreement by and among Dandrit Biotech USA, Inc., DanDrit Acquisition Sub, Inc., Enochian Biopharma, Inc., and Weird Science LLC. According to an 8-K Report filed on March 6, 2018, DanDrit Biotech USA, Inc. changed its name to Enochian Biosciences Inc. as of March 2, 2018.
Public filings with the Securities and Exchange Commission (“SEC”) indicate that Enochian BioSciences develops “technologies to potentially prevent or cure HIV, HBV, influenza and coronavirus infections, as well as to provide potentially long-term or life-long cancer remission in some of the deadliest cancers.” Enochian’s advertised integrated platforms are called “Hijack RNA” and “Allogeneic Cell Therapy”.
The common stock of Enochian BioSciences, Inc. is reportedly traded on the NASDAQ Global Select Market under the symbol “ENOB”. According to a July 2018 letter to Enochian shareholders, in February 2018, Enochian reportedly sold a total of 1,677,130 shares of common stock at $8.00 per share for a total of $13.4 million.
According to data from Yahoo! Finance, over the last four years, the price per ENOB shares suffered dramatic fluctuations. In the week of February 5, 2018, the price per ENOB shares closed at $5.77. After reaching a high of $6.9 a month later, it started declining, reaching a low of $3.32 during the week of June 25, 2018. The price per ENOB shares started to recover, and after a few months of fluctuations, it reached a high of $9.50 during the first week of January 2019. The price then started to decline again, and after 15 months the ENOB stock price closed at $2.25 during the week of March 9, 2020.
Over the next year the price per ENOB share continued to fluctuate, reaching a high of $4.63 during the first week of August 2020, and followed by a low of $2.60 during the last week of November 2020. The price per ENOB share saw a slight appreciation when it closed at $4.29 in mid-February 2021, but a few months later it declined to close at $3.07 during the week of April 5, 2021.
Over the next seven months the price per ENOB share soared to reach an all time high of $12.83 on November 30, 2021. This increase was followed by a steep decline, to reach a low of $4.32 just a few months later, on January 27, 2021, and a similarly abrupt appreciation the month that followed, when it closed at $9.00 per share on February 18, 2022. Then the price per ENOB share started to decline again to close at $5.60 on March 7, 2022, and then it started to appreciate until it reached a high of $8.84 a month later, on April 6, 2022.
Since then, the price per Enochian shares has declined, and on August 23, 2022, the price per ENOB share closed at $2.38. Enochian BioSciences’ stock price history can be accessed here.
Enochian BioSciences Investor Class Action Lawsuits
On July 26, 2022, a class action lawsuit was filed against Enochian BioSciences Inc., and its officers and directors Mark Dybul, Luisa Puche, Renè Sindlev, Carol L. Brosgart, Gregg Alton, James Sapirstein, Carl Sandler, Henrik Grønfeldt-Sørensen, Jayne McNicol, and Evelyn D’An. The complaint alleges violations of securities laws as a result of materially false and misleading statements regarding the certifications and education level of Enochian’s alleged co-founder and largest shareholder, Serhat Gumrukcu, as well as his alleged implications in criminally prosecuted activities, among others.
According to the class action complaint, between September 24, 2020 and May 31, 2022, Enochian’s top management allegedly promoted Gumrucku as a “genius” and the “inventor” of the technology behind the Enochian’s product pipeline, while allegedly failing to disclose to investors that Serhat Gumrukcu did not have a license to be a doctor, or any verifiable degrees beyond high school. Furthermore, the complaint alleges that Enochian’s senior leadership was aware of Serhat Gumrukcu’s alleged criminal history, which allegedly included fraud. In addition, the complaint alleges that Enochian’s reliance on Gumrukcu and the companies he allegedly controls, GTech Bio, LLC, and G Health Research Foundation dba Seraph Research Institute, exposed Enochian Bioscienses to “heightened risk of reputational and financial harm.”
Potential Compensation Claims
The Allegations Against Enochian’s Co-Founder Serhat Gumrukcu
According to the class action complaint, Serhat Gumrukcu was reportedly arrested on May 25, 2022, by the U.S. Department of Justice, and charged in a murder-for-hire conspiracy. The press release issued by the U.S. Attorney’s Office for the District of Vermont indicates that Serhat Gumrukcu and a co-defendant identified as Berk Eratay were allegedly “charged by a federal grand jury in Vermont 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 Danville, Vermont.” The press release further indicates that Gumrukcu and Eratay are presumed innocent until and unless proven guilty, and that if convicted, Gumrukcu and Eratay reportedly face mandatory life in prison or the death penalty. This news reportedly had a negative impact on the ENOB price per share, which according to the class action complaint declined over 36% on May 25, 2022.
The class action complaint further indicates that on June 1, 2022, a company called Hindenburg Research published a report 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”, available here. The reports notes, among others, that Gregory Davis was allegedly murdered in connection to a 2016 deal between Gumrukcu and Davis that was allegedly subject to fraud allegations, and which allegedly eventually led to Enochian going public. The report also suggests that in addition to the US based criminal proceedings, Serhat Gumrukcu is facing criminal charges in Turkey, his native country, where he allegedly was arrested in 2012 for “falsely posing as a doctor” and charging “$275,000 to treat a terminally ill cancer patient, who subsequently died.”
The Hindenburg Research report further indicates that in 2017 Gumrukcu was arrested in California for 14 felonies in total, reportedly including fraud, identity theft, and check kiting. Almost one year later, in January 2018, the felony plea charge was allegedly reduced to misdemeanor after Serhat Gumrukcu reportedly paid over $1 million in restitution to victims, the report alleges.
Finally, among others, the report also adds that Hindenburg Research was “unable to find any jurisdiction in which Gumrukcu is licensed as a medical doctor” and that Gumrucku allegedly purchased his Russian medical degree on the black market.
According to the class action complaint, the Hindenburg report also had a negative impact on the ENOB price per share, which allegedly declined over 28% on June 1, 2022.
On July 1, 2022, Enochian Biosciences filed an 8-K Report disclosing that after conducting a “rigorous internal review of scientific data,” Enochian reportedly discovered that “former scientific advisor Serhat Gumrukçu altered two different sets of animal data generated by third-party research institutions” and as a result the company will initiate legal proceedings against Gumrukçu over the falsified data. In addition, the company announced it is “evaluating its internal controls regarding the review and verification of external scientific data and will modify as appropriate.”
For the alleged misrepresentations and failure to disclose, the plaintiff sought damages as well as attorneys’ fees, expert fees, pre- and post-judgment interest, among others. According to the case docket, as of August 3, 2022, the case shows as pending.
The Second Class Action Complaint Against Enochian and Its Management
Just two days after the date of the filing of the July 26, 2022 class action complaint, on July 28, 2022 another plaintiff filed separate class action lawsuit against Enochian BioSciences, Inc. f/k/a DanDrit Biotech USA, Inc., Enochian’s former CEO Eric Leire, Enochian’s Principal Executive Officer Mark Dybul, Enochian’s former CFO, Robert Wolfe, and Luisa Puche, the current CFO.
This class action complaint alleges false and misleading statements that were allegedly made between January 17, 2018 and June 27, 2022 to investors who purchased common stock issued by Enochian, including in a private placement offering on or about February 16, 2018. According to the complaint, Enochian and its management allegedly failed to disclose to Enochian investors that Serhat Gumrukcu was engaged in a “variety of frauds,” that he was not licensed as a doctor anywhere in the world, that he “improperly diverted” $20 million from Enochian to his entities, and as a result Enochian allegedly overstated its commercial prospects and provided materially misleading positive statements about company’s business and operations.
In their prayer for relief, the plaintiffs asked the court to award compensatory damages, and reasonable costs and expenses, including counsel and expert fees, among others. As of August 23, 2022 the case is shown as pending.
Invested in Enochian BioSciences? Long-Term ENOB Shareholders May Have Potential Claims
Investor rights attorneys Alan Rosca and Paul Scarlato at Rosca Scarlato LLC are investigating potential options and are evaluating potential claims on behalf of Enochian BioSciences shareholders. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a current Enochian BioSciences investor concerned about your investment, you may contact attorneys Alan Rosca or Paul Scarlato to learn more about your rights and for an evaluation of your case, or to provide useful information. All consultations are free. The Rosca Scarlato LLC attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Enochian BioSciences investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
These general considerations are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts, and can tailor any advice to that investor’s facts. Enochian BioSciences investor center is not affiliated with Enochian BioSciences Inc.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.