Item 1. Legal Proceedings
Item 1. Legal Proceedings
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 BioVie Inc. (the “Company”) and certain of its officers and/or directors as defendants. The lawsuit
alleges that the Company made material misrepresentations and/or omissions of material fact relating to the Company’s business,
operations, compliance, and prospects, including information related to the study and trial of NE3107, in
violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The class
action is on behalf of purchasers of the Company’s securities during the period from August 5, 2021 through November 29, 2023 and
seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorney’s fees.
The Company believes the lawsuit is without merit
and intends to defend the case vigorously. At this early stage of the proceedings, the Company is unable to make any prediction regarding
the outcome of the litigation.
There are no other judgments against us or our
officers or directors. None of our officers or directors has been convicted of a felony or misdemeanor relating to securities or performance
in corporate office.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.