Item 3. Legal Proceedings
ITEM 3.
LEGAL PROCEEDINGS
To our knowledge, other than described below, neither
the Company nor any of our officers or directors is a party to any material legal proceeding or litigation and such persons know of no
material legal proceeding or contemplated or threatened litigation, other than as described below. There are no 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.
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. 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 4.
MINE SAFETY DISCLOSURES
None.
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PART II
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