On May 25, 2022, Enochian Bioscience’s (NASDAQ: ENOB) co-founder and largest shareholder, Dr. Serhat Gumrukçu, was arrested and charged by the DOJ for an alleged murder-for-hire conspiracy that resulted in the killing of a Vermont person. One week later on June 1, 2022, Hindenburg Research released a scathing report probing Dr. Gumrukçu’s previous criminal charges over the past two decades, while also alleging that Enochian’s business model is similarly checkered.

Following the news, Enochian’s stock price plunged 36% on May 25, 2022 and another 28% on June 1, 2022, causing significant harm to investors.

Enochian co-founder Dr. Serhat Gumrukçu arrested, charged by DOJ for murder-for-hire

On Wednesday May 25, 2022, the DOJ announced that Dr. Serhat Gumrukçu, co-founder and inventor behind Enochian Biosciences, Inc., was arrested the previous day for allegedly conspiring in the murder-for-hire of a New Jersey man who was killed in 2018.

Then on Wednesday June 1, 2022, Hindenburg Research released a report alleging that prior to the murder charges, Dr. Gumrukçu was already facing felony fraud allegations connected to a business deal with the decedent in 2016. According to Hindenburg, a “key motive” of the killing was a prospective merger deal that eventually led to Enochian Biosciences coming to market.

Why is Enochian (ENOB) stock dropping?

According to a report by Hindenburg Research, Dr. Gumrukçu allegedly had a criminal past for the past two decades. In 2012, he was reportedly arrested in Turkey for falsely posing as a doctor and administering sham treatment to a cancer patient who later passed away. Then in 2017, Dr. Gumrukçu was reported arrested in California for multiple white-collar felonies. Hindenburg further alleges that his MD and multiple PhDs appear to be fraudulent.

Enochian Biosciences itself appears to heavily rely on ideas and inventions by Dr. Gumrukçu, according to Hindenburg. The company claims to have a potential treatments and vaccines for HIV, the flu, hepatitis, cancer, and COVID-19, but according to Hindenburg, these treatments are all still in the preclinical stage. Dr. Gumrukçu has virtually always handled presenting the data for these treatments at conferences, according to Hindenburg, and Enochian’s SEC filings also admit that the company “heavily relies” on Dr. Gumrukçu and his private consulting companies, according to Hindenburg.

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