Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 86

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 86
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mrükcü and certain of the Company’s current
and former directors as defendants. The actions also name the Company as a nominal defendant. The actions allege violations of Sections
14(a) and 20(a) of the Securities Exchange Act of 1934 and also set out claims for breach of fiduciary duty, contribution and indemnification,
aiding and abetting, and gross mismanagement. Plaintiffs do not quantify any alleged injury, but seek damages, disgorgement, restitution,
and other costs and expenses. On January 24, 2023, the United States District Court for the Central District of California stayed the
Koenig matter pending resolution of the defendants’ anticipated motion to dismiss in the Securities Class Action Litigation. On
April 6, 2023, the United States District Court for the District of Delaware stayed the Solak matter pending resolution of the defendants’
anticipated motion to dismiss in the Securities Class Action Litigation. The defendants have not yet responded to either complaint. The
Company intends to contest these matters but expresses no opinion as to the likelihood of favorable outcomes.

State Derivative Litigation.
On October 20, 2022, Susan Midler filed a shareholder derivative action in the Superior Court of California, Los Angeles County, reciting
similar underlying facts as those alleged in the Securities Class Action Litigation. The action, filed on behalf of the Company, names
Serhat Gümrükcü and certain of the Company’s current and former directors as defendants. The action also names the
Company as a nominal defendant. The action sets out claims for breaches of fiduciary duty, contribution and indemnification, aiding and
abetting, and gross mismanagement. Plaintiff does not quantify any alleged injury, but seeks damages, disgorgement, restitution, and other
costs and expenses. On January 20, 2023, the Court stayed the Midler matter pending resolution of the defendants’ anticipated motion
to dismiss in the Securities Class Action Litigation. The defendants have not yet responded to the complaint. The Company intends to contest
this matter but expresses no opinion as to the likelihood of a favorable outcome.

On October
21, 2022, the Company filed a Complaint in the Superior Court of the State of California for the County of Los Angeles against Serhat
Gümrükcü, William Anderson Wittekind (“Wittekind”), G Tech Bio LLC (“G Tech”), SG & AW Holdings,
LLC, and Seraph Research