Enochian Biosciences ($ENOB) $2.5M Investor Settlement
Enochian Biosciences has reached a settlement with $ENOB investors to resolve claims that it concealed its co-founder’s lack of proper credentials and criminal history.
Enochian Biosciences was accused of hiding that its co-founder had a history of fraud and falsified credentials. In May 2022, his arrest triggered a 37% drop in $ENOB, followed by another 28% decline after further revelations.
January 17, 2018 – Enochian Biosciences went public through a merger.
May 25, 2022 – Co-founder Serhat Gumrukçu was arrested for a 2018 murder-for-hire plot, causing $ENOB to drop 37%.
June 1, 2022 – A report revealed Gumrukçu’s history of fraud and falsified credentials, leading to a 28% decline in $ENOB.
June 2022 – Investors filed a lawsuit, alleging that Enochian failed to disclose key risks tied to its leadership.
December 2024 – Enochian agreed to settle for $2.5 million to resolve investor claims.
Between 2018 and 2022, Enochian Biosciences presented itself as a cutting-edge biotech company developing cell and gene therapies. The company claimed that its co-founder and scientific inventor, Serhat Gumrukçu, was a highly credentialed medical researcher.
Enochian tied nearly all its value to intellectual property licensed from Gumrukçu, assigning it a valuation of over $127 million—roughly 88% of the company’s assets.
Executives promoted him publicly as a scientific genius, despite internal concerns raised as early as 2019. When Enochian’s former CEO and CFO questioned Gumrukçu’s background, they were allegedly terminated.
In May 2022, Gumrukçu was arrested for orchestrating a murder-for-hire plot tied to a past business dispute. On June 1, 2022, a Hindenburg Research report exposed his lack of credentials, history of fraud, and the company’s reliance on his work.
That same month, The Wall Street Journal revealed that Enochian executives had raised red flags years earlier, but they were ignored.
These revelations caused $ENOB to fall by 53%.
On July 26, 2022, investors filed a lawsuit, alleging that Enochian misled them about its leadership and core scientific claims.
Enochian Biosciences has reached a settlement with $ENOB investors to resolve claims that it concealed its co-founder’s lack of proper credentials and criminal history.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons and entities who purchased or otherwise acquired Enochian Biosciences Inc. common stock between January 17, 2018, and June 27, 2022, both dates inclusive, and who were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims - the average payout will be $0.09 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.36 per share.
11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:
1. Prepare documents for your payout
2. Audit the claim and make sure you get the maximum possible payout
3. File a claim with the settlement administration
4. Correspond with the settlement administration to resolve emerging issues
5. Deliver payout directly to your brokerage account
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.