GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF ENOCHIAN BIOSCIENCES INC. (NASDAQ: ENOB)
Grabar Law Office is investigating potential claims on behalf of Enochian Biosciences Inc. (NASDAQ: ENOB) shareholders. The investigation concerns whether certain officers of Enochian have breached their fiduciary duties owed to the company.
Enochian Biosciences Inc. is a pre-clinical stage biotechnology company that purportedly researches and develops pharmaceutical and biological products for the human treatment of HIV, HBV, influenza and coronavirus infections, and cancer.
Enochian has multiple consulting and licensing agreements with G-Tech Bio, LLC, a California limited liability company, and G Health Research Foundation, a not-for-profit entity organized under the laws of California doing business as Seraph Research Institute (“SRI”), both of which are controlled by one of Enochian's co-founders.
The underlying federal securities fraud complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Enochian's co-founder was not a licensed doctor and had no verifiable degrees beyond high school; (ii) accordingly, the scientific and technological underpinnings of Enochian’s product pipeline, purportedly invented by the co-founder, were dubious at best; (iii) accordingly, the Defendants had significantly overstated the commercial prospects for the Company’s product pipeline; (iv) Enochian’s senior leadership knew the co-founder had a criminal history that included fraud; (v) accordingly, Enochian’s reliance on the co-founder, and its consulting and licensing agreements with G-Tech and SRI, 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 (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Enochian shareholders who have held Enochian stock since on or before September 24, 2020, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at email@example.com, or call Joshua Grabar at 267-507-6085.