Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 87

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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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, that piggy-backs on the securities class action also pending in that court. The derivative complaint names certain current and
former officers and directors as defendants, and generally alleges that they breached their fiduciary duties by causing or failing to
prevent the securities violations alleged in the securities class action. The derivative complaint also alleges claims for unjust enrichment,
waste of corporate assets, gross mismanagement, and abuse of control as against all defendants. 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 April 28, 2025, a second shareholder derivative lawsuit was filed
in the United States District Court for the District of Nevada by putative stockholder William Settel, allegedly on behalf of the Company,
that alleges essentially the same claims as in the Hulm derivative litigation, against the same defendants based on the same alleged conduct.
The Settel derivative complaint alleges claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment,
abuse of control, and waste of corporate assets against all defendants. 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.

Item 1A. Risk Factors

Other than as described below, there have been no material changes
to the Risk Factors previously disclosed in our Annual Report on Form 10-K filed with the SEC on September 30, 2024 (the “2024 Form
10-K”), our quarterly report for the period