Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-K/A
Source: 0001731122-25-000252
Chunk: 87

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-K/A
Chunk 87
---
 against Serhat
Gümrükcü, William Anderson Wittekind (“Wittekind”), G Tech Bio LLC (“G Tech”), SG & AW Holdings,
LLC, and Seraph Research Institute (“SRI”) (collectively, the “Defendants”). The Complaint alleges that the Defendants
engaged in a “concerted, deliberate scheme to alter, falsify, and misrepresent to the Company the results of multiple studies supporting
its Hepatitis B and SARS-CoV-2/influenza pipelines.” Specifically, “Defendants manipulated negative results to reflect positive
outcomes from various studies, and even fabricated studies out of whole cloth.” As a result of the Defendants’ conduct, the
Company claims that it “paid approximately $25 million to Defendants and third-parties that it would not otherwise have paid.”
On April 21, 2023, defendants Wittekind, G Tech, SG & AW Holdings, LLC, and SRI filed a demurrer with respect to some, but not all,
of the Company’s claims, as well as a motion to strike. On September 6, 2023, the court denied in part and granted in part the pending
motions. On September 7, 2023, the court entered a case management order setting the final status conference, trial, and other intervening
deadlines.

On December
4, 2023, the Defendants answered the Company’s First Amended Complaint and G Tech and SRI filed a Cross-Complaint. In the Cross-Complaint,
G Tech and SRI seek declaratory and injunctive relief related to certain agreements between G Tech, SRI, and the Company, including,
inter alia, a declaration that the Framework Agreement, effective as of November 15, 2019, the Statement of Work & License
Agreement, effective as of January 31, 2020, and the Statement of Work and License Agreement for Influenza and Coronavirus Indications,
effective as of April 18, 2021, have been terminated and the Company has no rights to any license under such agreements. Trial is currently
scheduled to begin on March 3, 2025. The Company denies these allegations and intends to vigorously defend against the cross claims while
pursuing its claims against the Defendants.

On March 1, 2021, the Company’s
former Chief Financial Officer, Robert Wolfe and his company, Crossfield, Inc., filed a Complaint in