Enochian Biosciences Inc ENOB shares are trading lower Wednesday after Hindenburg Research issued a bearish report on the company.
Last week, federal prosecutors announced the arrest of two men being charged in a "murder-for-hire" conspiracy, which resulted in the death of Vermont resident Gregory Davis. Enochian co-founder Serhat Gumrukcu was one of two men charged with conspiring to use interstate commerce facilities in the commission of murder-for-hire.
Hindenburg noted that Gumrukcu is not only the co-founder of Enochian, but also a key scientist and inventor, as well as the company's largest shareholder. The company reportedly claimed that Gumrukcu doesn't have a formal role in the company and that the incident was completely unrelated, however, Hindenburg points out that Enochian’s own disclosures indicate that the company and its pipeline are "completely dependent" on Gumrukcu.
"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," Hindenburg said.
The research firm went on to highlight several other accusations against the Enochian co-founder.
ENOB Price Action: Enochian shares have traded between $2.67 and $13.77 over a 52-week period.
The stock was down 28.5% at $3.76 at press time, according to data from Benzinga Pro.
Photo: Oleg Gamulinskiy from Pixabay.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.