ENOB.US
id: 114
Enochian Biosciences (ENOB) Investor Settlement
The settlement terms have been submitted to the court for approval.
C.D. California
Court8:22-cv-01374
Case number01/17/2018
Class period Start06/27/2022
Class period EndEnochian Biosciences reached a settlement with $ENOB investors to resolve claims that it concealed its co-founder’s lack of proper credentials and criminal history.
Case Details:
On 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, $ENOB 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 revealed that Gumrukcu's recent arrest for a murder conspiracy is just the latest in a series of alleged crimes. In 2012, he was accused of falsely posing as a doctor in Turkey, and in 2017, he was arrested in California for 14 felonies, including fraud, identity theft, and check kiting.
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, $ENOB fell by 28.42% on June 1, 2022.
Case Status
Stipulative Settlement
Alleged Offence
Mismanagement,
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.09
Filing date
07/26/2022
Plaintiffs
Albert Chow
Attorneys
Portnoy Law Firm; Pomerantz LLP
Defendants
Mark Dybul, Evelyn DAn, Luisa Puche, Jayne McNicol, Rene Sindlev, Carol L. Brosgart, Gregg Alton, James Sapirstein, Carl Sandler, Henrik Gronfeldt Sorensen
Judge
John W. Holcomb
Administrator
EPIQ
Attorney fee
$1,050,000
Class wide damages
$109,100,000
Trades matching type
FIFO
+$2,500,000
Cash Settlement Amount