Company: BIVIW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001520138-25-000343
Chunk: 33

Company: BIOVIE INC.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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4, 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, and the parties are now engaged in fact discovery.

Three shareholder derivative lawsuits piggy-backing
on the securities class action were filed in the United States District Court for the District of Nevada, allegedly on behalf of the Company,
by three putative stockholders: Andrew Hulm on December 30, 2024; William Settel on April 28, 2025 and Cline Wilkerson on September 11,
2025, (collectively the “Related Derivative Lawsuits”). Each Related Derivative Lawsuit names the same current and former
officers and directors as defendants and alleges essentially the same claims: that the defendants breached their fiduciary duties by causing
or failing to prevent the securities violations alleged in the securities class action, and related claims for unjust enrichment, waste
of corporate assets, gross mismanagement, and abuse of control. On September 29, 2025, at the request of the parties, the court consolidated
all three Related Derivative Lawsuits under the caption In re BioVie Inc. Derivative Litigation, Case No. 3:24-cv-0602-CSD.

The Company believes that the claims are without
merit and intends to defend vigorously against them, but there can be no assurances as to the outcome.

Item 1A. Risk Factors 

Except as described below, there have been no
material changes to the Risk Factors