NEWTOWN, Pa., Sept. 22, 2022 (GLOBE NEWSWIRE) — The law firm of Edelson Lechtzin LLP reminds investors who purchased Enochian Biosciences Inc. (“Enochian” or the “Company”) (NASDAQ: ENOB) common stock between February 16, 2018, and June 27, 2022, inclusive (the “Class Period”), of the fast-approaching deadline to file a motion asking the U.S. District Court for the Central District of California to appoint them as lead plaintiff.
Investors who purchased Enochian during the Class Period have until September 26, 2022 to select counsel and move for appointment as a lead plaintiff. The lead plaintiff acts as a representative for other class members in directing the litigation. If you continue to hold Enochian shares and wish to discuss your legal options, please contact Edelson Lechtzin LLP, toll free at 1-844-696-7492, or by email at [email protected]
Background on the Enochian Biosciences Securities Class Action
Enochian is a pre-clinical stage biotechnology Company that purportedly researches and develops pharmaceutical and biological products for the human treatment of human immunodeficiency virus (“HIV”), hepatitis B virus (“HBV”), influenza and coronavirus infections, and cancer.
The Complaint alleges that Enochian, a pre-clinical stage biotechnology company, through its senior officers, made false and misleading statements and material omissions concerning the Company’s financial performance and future prospects. Specifically, it is alleged that Enochian co-founder Gumrukcu was engaged in a variety of fraudulent misconduct, including that he was not a licensed doctor and the scientific and technological underpinnings of Enochian’s product pipeline, purportedly invented by Gumrukcu, were dubious at best. Thus, Defendants significantly overstated the commercial prospects for the Company’s product pipeline and threatened the integrity of the Company’s scientific findings, thus rendering the Company’s Class Period public statements materially false and misleading.
On May 25, 2022, the U.S. Department of Justice (“DOJ”) announced that Gumrukcu had been arrested and charged in a murder-for-hire conspiracy. This news caused the price of Enochian stock to plummet by $2.17 per share, or 36.97%, to close at $3.70 per share on May 25, 2022. The bad news continued on June 1, 2022, when Hindenburg Research published a report on the Company titled: “Miracle Cures and Murder for Hire: How A Spoon-Bending Turkish Magician Built a $600 Million Nasdaq-Listen Scam Based on A Lifetime of Lies.” The article noted that the individual Gumrukcu was accused of murdering, Gregory Davis, had been scheduled to testify against Gumrukcu. Enochian’s senior leadership knew about Gumrukcu’s criminal history, which that included being accused of 14 felonies. This news caused the price of Enochian stock to plummet an additional 28%, or $1.495 a share, to close at $3.77.
If you have held ENOB stock continuously since at least June 26, 2022, and have investment losses, please contact our firm to discuss your legal options:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
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