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Renovaro Biosciences Inc (NASDAQ:RENB) shares are trading lower after Hindenburg Research released a short report, sending the company’s shares sinking almost 30% on Tuesday.
The report notes that Dr. Serhat Gumrukcu, co-founder and the largest shareholder of Renovaro Biosciences’ predecessor company, Enochian BioSciences, was charged by the Department of Justice over allegations of murder and revealed as a fraud.
Renovaro’s current CEO, Dr. Mark Dybul, who took over in 2021, had high praise for Gumrukcu before the shocking revelations came to light.
Despite Gumrukcu’s troubled past, Renovaro continued to work with him, even when red flags were raised.
The company faced severe criticism after it was revealed that Gumrukcu had faked clinical data related to Renovaro’s therapies for HBV and COVID-19.
In a surprising turn of events, Renovaro decided to merge with an entity called GEDi Cube, an AI company, which was later exposed as having no operational history, no product, and virtually no assets.
Further raising concerns, key executives, including GEDi Cube’s CEO Craig Rhodes and Chief Medical Officer Lester Russell, resigned in December 2023, a month before the merger vote, without proper disclosure to shareholders.
The touted strategic partnership with Nvidia Corporation (NASDAQ:NVDA) was also questioned as it was a free program joined by over 17,000 companies.
As the company now faces allegations of securities law violations, with Gumrukcu’s husband suing Renovaro’s key executives, including CEO Dybul, serious questions about its governance and ethical standards are raised.
Despite the controversies, Dybul’s insistence on promoting Gumrukcu’s cancer therapy adds to the skepticism surrounding Renovaro.
In a bizarre twist, Gumrukcu’s husband, a significant Renovaro shareholder, is now suing the company for securities law violations.
With a looming murder conspiracy trial, frozen shares, and potential market impact, Renovaro finds itself entangled in legal battles and governance issues.
Investors are left questioning the future of Renovaro as it attempts to pivot from a tarnished past to a new identity in AI. The article highlights the company’s governance failures, questionable decision-making, and the potential for significant downside in Renovaro’s shares.
Price Action: RENB shares are down 30.70% at $2.33 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
