Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 45

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---

proceeding or contemplated or threatened litigation.

On January 19, 2024, a purported shareholder class action complaint,
captioned Eric Olmstead v. BioVie Inc. et al., No. 3:24-cv-00035, was filed in the U.S. District Court for the District of
Nevada, naming the Company and certain of its officers as defendants. On February 22, 2024, a second, related putative securities class
action was filed in the same court asserting similar claims against the same defendants, captioned Way v. BioVie Inc. et al., No.
2:24-cv-00361. On April 15, 2024, the court consolidated these two actions under the caption In re BioVie Inc. Securities Litigation,
No. 3:24-cv-00035, appointed the lead plaintiff, and approved selection of the lead counsel. On June 21, 2024, the lead plaintiff filed
an amended complaint, alleging that the defendants made material misrepresentations and/or omissions of material fact relating to the
Company’s business, operations, compliance, and prospects, including information related to the NM101 Phase 3 study and trial of
bezisterim (NE3107) in mild to moderate probable AD, in violation of Sections 10(b) and 20(a)
of the  Exchange Act, and Rule 10b-5 promulgated thereunder. The class action is on behalf of purchasers of the Company’s
securities during the period from December 7, 2022 through November 28, 2023, and seeks unspecified monetary damages on behalf of the
putative class and an award of costs and expenses, including attorney’s fees. The defendants filed a motion to dismiss the amended
complaint on August 21, 2024, and that motion was fully briefed as of December 5, 2024. On March 27, 2025, the court denied the defendants’
motion to dismiss, allowing the case to move into fact discovery. The defendants believe that the claims are without merit and
intend to defend vigorously against them, but there can be no assurances as to the outcome.

On December 30, 2024, a shareholder derivative lawsuit
was filed in the United States District Court for the District of Nevada by putative stockholder Andrew Hulm, allegedly on behalf of the
Company,