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  • Professor Andrea M. Armani, University of Southern California
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  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against Enochian Biosciences, Inc. (ENOB)

The law firm of Kirby McInerney LLP is investigating potential claims against Enochian Biosciences, Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB). The investigation concerns whether Enochian has violated the federal securities laws and/or engaged in other unlawful business practices.

Enochian is a biopharmaceutical company that focuses on identifying, developing, manufacturing, and commercializing gene-modified cell therapy.

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, the price of Enochian stock declined by $2.17 per share, or approximately 36.9%, from $5.87 per share to close at $3.70 on May 25, 2022.

On June 1, 2022, Hindenburg Research published a research report alleging, among other things, that the charge related to the murder of Gregory Davis, just days before Gumrukcu was to defend himself against felony fraud allegations related to a deal with Davis. According to the report, “[f]ederal prosecutors argued that the prospective merger deal that eventually resulted in Enochian going public served as a key motive for the murder.” On this news, the price of Enochian stock declined by $1.49 per share, or approximately 28.4%, from $5.26 per share to close at $3.77 on June 1, 2022.

On June 27, 2022, The Wall Street Journal published an article detailing Gumrukcu’s involvement in Davis’s murder, alleging that in an oil deal with Davis, Gumrukcu had written $600,000 worth of fraudulent checks and owed Davis more than $900,000 for late fees and penalties. Davis had threatened to expose Gumrukcu’s fraud, which also threatened an ongoing deal between Enochian and a drug developer that would yield “a fortune in future drug-licensing agreements.” The article also alleged that, during an investigation of Gumrukcu’s various schemes and fraudulent checks, an FBI agent began to suspect Gumrukcu of “claiming to be an American doctor who had a special cure for cancer and AIDS.” Enochian’s former chief executive also stated that he had begun to suspect that Gumrukcu “had fabricated his résumé and held neither a medical degree nor a doctoral degree.” On this news, the price of Enochian stock declined by $0.73 per share, or approximately 21.9%, from $3.33 per share to close at $2.60 on June 27, 2022.

On July 1, 2022, Enochian announced the results of its internal review of scientific data, disclosing that it had discovered that “former scientific advisor Serhat Gumrukcu altered two different sets of animal data generated by third-party research institutions.” Additionally, the Company is “evaluating its internal controls regarding the review and verification of external scientific data and will modify as appropriate.”

If you purchased or otherwise acquired Enochian securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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