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Item 3. Legal Proceedings

2026-08-13 compared with 2025-08-15 · 49 added, 38 removed, 11 unchanged (89% of the section changed)

1 unchanged sentence

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

neither the Company nor any of its 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.

3 unchanged sentences

or performance in corporate office.

On January 19, 2024, a purported shareholder class

On January 19, 2024, a purported securities class

action complaint, captioned Eric Olmstead v.

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.

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.

2:24-cv-00361.

On April 15, 2024, the court consolidated these two actions under the caption In re BioVie

Securities Litigation , No.

3:24-cv-00035, appointed the lead plaintiff, and approved selection of the lead counsel.

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 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 the early stages of fact discovery .

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.

On March 18, 2025, the court ordered the

Hulm derivative lawsuit stayed, pending resolution of the motion to dismiss the securities class action described above.

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 likewise piggy-backs on the securities class action.

The Settel derivative complaint alleges essentially the

same claims as the Hulm derivative action against the same defendants based on the same alleged conduct specifically, claims for breach

of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, abuse of control, and waste of corporate assets.

The Company believes 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 15, 2024, the court consolidated these two actions under the caption In re BioVie Inc.

Securities Litigation ,

3:24-cv-00035 (the “Securities Class Action”), 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 on March 27, 2025, the court denied that motion.

The parties are now engaged in fact discovery.

On February 13, 2026,

the plaintiffs filed a motion for class certification and a motion for leave to file a second amended complaint.

Defendants opposed the

motion for leave to amend.

On June 5, 2026, the court granted the plaintiffs’ motion for leave to amend, and the same day the plaintiffs

filed their Second Amended Complaint.

On June 15, 2026, the defendants filed a Notice of Non-Opposition and Reservation of Rights in response

to the motion for class certification, and on June 18, 2026, the Court granted the plaintiffs’ motion and certified the class subject

to the defendants’ reservation of rights.

The defendants answered the Second Amended Complaint on June 22, 2026.

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

“Consolidated Derivative Action”).

On January 27, 2026, at the request of the parties, the court stayed the Consolidated Derivative

Action pending resolution of a summary judgment motion by defendants in the Securities Class Action.

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.

MINE SAFETY DISCLOSURES

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 3. Legal Proceedings