Company: BIVIW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001520138-25-000056
Chunk: 20

Company: BIOVIE INC.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 3
Chunk 20
---
. None of our officers or directors has been convicted of a felony or misdemeanor relating to securities
or performance in corporate office.

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 plaintiffs filed their opposition on October
21, 2024. The defendants’ reply brief was filed December 5, 2024. 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, that
piggy-backs on the securities class action