Investigation
Builders FirstSource, Inc. (BLDR)
Whether directors and officers of Builders FirstSource, Inc. (BLDR) breached their fiduciary duties to the company and its shareholders.
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Investigation
05/25/2022
Initial Lawsuit
07/26/2022
Lawsuit Progression
09/26/2022
A Enochian Biosciences, Inc. shareholder filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities (other than defendants) that purchased or otherwise acquired Enochian securities between September 24, 2020, and May 31, 2022, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Gumrukcu 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 Gumrukcu, 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 Gumrukcu had a criminal history that included fraud;
(v) accordingly, Enochian’s reliance on Gumrukcu, 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.
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