According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Co-founder and inventor, Serhat Gumrukcu, was engaged in a variety of frauds;
- Gumrukcu was not a licensed doctor anywhere in the world;
- Gumrukcu’s purported contributions to Enochian lacked a reasonable basis;
- Enochian had overstated its commercial prospects;
- Gumrukcu had improperly diverted approximately $20 million from Enochian to entities he owned; and
- Defendants’ positive statements about Enochian’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis Serhat Gumrukçu, the inventor and co-founder of Enochian BioSciences, was not a licensed doctor and had no verifiable degrees beyond high school;
- accordingly, the scientific and technological underpinnings of Enochian BioSciences’ product pipeline, purportedly invented by Gumrukçu, were dubious at best;
- accordingly, the defendants had significantly overstated the commercial prospects for the Company’s product pipeline;
- Enochian BioSciences’ senior leadership knew Gumrukçuhad a criminal history that included fraud;
- accordingly, Enochian BioScience’ reliance on Gumrukçu, and its consulting and licensing agreements with G-Tech Bio, LLC and Seraph Research Institute (“SRI”), both of which are controlled by Gumrukçu, subjected the Company to a heightened risk of reputational and financial harm, as well as threatened the integrity of the Company’s scientific findings; and
- As a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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