SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in BioVie Inc. of Class Action Lawsuit and Upcoming Deadlines - BIVI
NEW YORK, March 19, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against BioVie Inc. ("BioVie" or the "Company") (NASDAQ: BIVI) and certain officers. The class action, filed in the United States ("U.S.") District Court for the District of Nevada, and docketed under 24-cv-00361, is on behalf of persons or entities who purchased or otherwise acquired publicly traded BioVie securities from August 5, 2021 through November 29, 2023, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased or otherwise acquired BioVie securities during the Class Period, you have until March 19, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
BioVie is a clinical stage biopharmaceutical company that purports to engage in the discovery, development, and commercialization of innovative drugs therapies, including for treatment of neurological and neurodegenerative disorders and advanced liver disease.
Prior to the Class Period, in its 10-Q filed with the U.S. Securities and Exchange Commission ("SEC") on May 10, 2021, BioVie disclosed that on April 27, 2021, it had entered into a Purchase Agreement with related party entities NeurMedix and Acuitas, and had acquired certain assets "including NE3107, a small molecule orally administered inhibitor of insulin resistance and the pathological inflammatory cascade, with a novel mechanism of action that has potential applications for treatment against Alzheimer's Disease and Parkinson's Disease."
On May 20, 2021, BioVie filed a Notice of Stockholder Action by Written Consent and an accompanying Information Statement on Form 14C providing additional details regarding the acquisition of NeurMedix.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the ongoing COVID-19 pandemic caused "limited access" to clinical trial sites, significantly affecting the Company's ability to conduct proper oversight of the clinical trial; (2) due to the "limited access" to the clinical trial sites, the trial was at higher risk of having "significant deviation from protocol and Good Clinical Practice (GCP) violations" and "anomalous data;" (3) the Company was experiencing issues with the contract research organizations it had retained, creating greater risk of the trial being in non-compliance with GCPs; (4) the Company had identified "higher than expected levels of deviations" in the data; (5) due to a "highly unusual level of suspected improprieties" there was a heightened risk a majority of the clinical trial subjects would be excluded; (6) as a result of the exclusions, there was a heightened material risk that the clinical trial would "not achieve statistical significance;" and (7) as a result of the foregoing, statements about BioVie's business, operations, prospects, and/or compliance with GCP were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
On November 8, 2023, the Company filed its quarterly report with the SEC on Form 10-Q for the quarter ended September 30, 2023 (the "1Q 2023 10-Q"). In the 1Q 2023 10-Q the Company described NE3107's properties and the design of the Phase 3 clinical trial and revealed that the Company "had uncovered potential scientific misconduct and significant non-compliance with GCPs and regulation at six sites."
On November 9, 2023, the price of BioVie stock fell to a low of $2.31 per share, down from its closing price of $4.26 the day before. However, BioVie's stock price remained artificially inflated as a result of Defendants' failure to disclose the full extent of the adverse findings regarding the scientific misconduct and significant non-compliance with good clinical practices and regulations.
On November 29, 2023, BioVie filed a Form 8-K with the SEC. The press release accompanying the Form 8-K indicated the Company "found significant deviation from protocol and Good Clinical Practice (GCP) violations at 15 sites (virtually all of which were from one geographic area)" and that "this highly unusual level of suspected improprieties led the Company to exclude all patients from these sites."
On November 29, 2023, the stock closed at $1.96, down more than 60% from the previous day's closing price of $4.99.
As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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