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ENOB.US
id: 114
C.D. California
CourtOn May 25, 2022, a press release was issued by the Department of Justice that Dr. Serhat Gumrukçu, an inventor and co-founder of the Company, has been arrested and charged with serious crimes that are reported to have occurred before the merger which created the Company of today.
On this news, Enochian’s stock price fell by 36.97%.
On June 1, 2022, Hindenburg Research published a report on Enochian that noted that the individual in whose murder Gumrukcu was implicated, Gregory Davis, “was murdered . . . just 19 days before Gumrukcu was scheduled to appear in court to defend himself against felony fraud allegations related to a 2016 deal with Davis” and that “federal prosecutors argued that the prospective merger deal that eventually resulted in Enochian going public served as a key motive for the murder.”
The Hindenburg Report also stated that “unbeknownst to investors (but known to Enochian’s senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the most recent in a string of alleged crimes by Gumrukcu,” who “was arrested based on accusations of falsely posing as a doctor” in his native Turkey in 2012 and “in February 2017, Gumrukcu was arrested by authorities after the State of California accused him of a slew of white-collar crimes, including fraud, identity theft, and check kiting – a total of 14 felonies.”
The Hindenburg Report further states that “we have been unable to find any jurisdiction in which Gumrukcu is licensed as a medical doctor” and that “Gumrukcu looks to have purchased a fake Russian medical degree on the black market.”
On this news, Enochian’s stock price fell by 28.42%, to close at $3.76 per share on June 1, 2022.
Considering that the Company is public, has a listing on NASDAQ and its activities are associated with regulated activities, the current situation raises questions, not only about the fault of the major shareholder but also about the negligence of the Company's management and regulatory bodies, which should have carried out KYC and Due Diligence procedures more carefully within their statutory duties.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement,
Fraud,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Influencer,
Government Authority,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
25 May 2022