Enochian Biosciences Inc. is facing litigation in Delaware over claims that the company breached an agreement allowing its former majority owner to participate in certain sales of registered securities to the public.
The lawsuit accuses the biotech business of failing to honor “piggyback” rights gained by Weird Science LLC in a 2018 all-stock merger. Enochian’s shares plunged in 2022 after one of its co-founders was arrested on federal murder-for-hire charges, a stock drop that led to securities fraud claims.
Weird Science, which held a 97% stake before the transaction, should have been able to unload its shares for as ...
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