A COMPLETE GUIDE TO THE BIOVIE CLASS ACTION LAWSUIT

If you suffered losses in BioVie stock, contact BioVie stock loss lawyer Timothy L. Miles about a BioVie class action lawsuit

INTRODUCTION TO THE BIOVIE CLASS ACTION LAWSUIT

Contact BioVie stock loss lawyer Timothy L. Miles about a BioVie class action lawsuit

The BioVie class action lawsuit seeks to represent purchasers or acquirers of BioVie Inc. (NASDAQ: BIVI) publicly traded securities between August 5, 2021 and November 29, 2023, inclusive (the “Class Period”).  Captioned Olmstead v. BioVie Inc., No. 24-cv-00035 (D. Nev.), the BioVie class action lawsuit charges BioVie and certain of BioVie’s top executives with violations of the Securities Exchange Act of 1934.
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If you suffered losses in BioVie stock and wish to serve as lead plaintiff in the BioVie class action lawsuit, or just have general questions about your rights as a shareholder, please contact BioVie Stock Loss Lawyer Timothy L. Miles at no charge by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. 

​Lead plaintiff motions for the BioVie class action lawsuit must be filed with the court no later than March 19, 2024.

In this complete guide, we will discuss everything a BioVie shareholder need to know about the BioVie class action lawsuit.

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what are theALLEGATIONS IN THE BIOVIE CLASS ACTION LAWSUIT?

​BioVie is a clinical stage biopharmaceutical company that purports to engage in the discovery, development, and commercialization of innovative drugs therapies.  The complaint alleges that on August 5, 2021, BioVie announced the enrollment of the first patient in its Phase 3 study of NE3107 in Alzheimer’s Disease.

The BioVie class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the ongoing COVID-19 pandemic caused “limited access” to clinical trial sites, significantly affecting BioVie’s ability to conduct proper oversight of the clinical trial; (ii) 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”; (iii) BioVie was experiencing issues with the contract research organizations it had retained, creating greater risk of the trial being in non-compliance with GCPs; (iv) BioVie had identified “higher than expected levels of deviations” in the data; (v) due to a “highly unusual level of suspected improprieties” there was a heightened risk a majority of the clinical trial subjects would be excluded; and (vi) as a result of the exclusions, there was a heightened material risk that the clinical trial would “not achieve statistical significance.”

The BioVie class action lawsuit further alleges that on November 8, 2023, BioVie disclosed that it “uncovered what appears to be potential scientific misconduct and significant non-compliance with GCPs and regulation at six sites” and that “these findings of potential scientific misconduct and significant GCP violations may call into question the rigor, robustness and validity of the entire data set for this study (NCT04669028) and may require additional clinical studies to confirm the final results of the study.”  On this news, the price of BioVie stock fell more than 29%, according to the complaint.

​Then, as the complaint further alleges, on November 29, 2023, BioVie revealed that it “found significant deviation from protocol and Good Clinical Practice (GCP) violations at 15 sites (virtually all of which were from one geographic area). This highly unusual level of suspected improprieties led the Company to exclude all patients from these sites.”  BioVie’s CEO, defendant Cuong Do, further revealed that the trial “did not achieve statistical significance because we had to exclude so many patients from the trials that we believe engaged in improper practices,” the complaint further alleges.  On this news, the price of BioVie stock fell nearly 61%, according to the complaint.

WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE BIOVIE CLASS ACTION LAWSUIT?

​​When a securities class action is filed such as the BioVie class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the BioVie class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. 

WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE BIOVIE CLASS ACTION LAWSUIT?

​​First, read the notice very carefully.  You have two choices.  First, you can do nothing and remain a member of the class represented by lead counsel.  Second, if you believe you have a large enough loss to justify it, you can opt out of the BioVie class action lawsuit and file your own separate lawsuit. Note, that if you opt out, you will not be able to participate in any settlement or recovery obtained in the BioVie class action lawsuit. 

WHAT IS A SECURTIES FRAUD CLASS ACTION SUCH AS THE BIOVIE CLASS ACTION LAWSUIT?

​​A securities fraud class action refers to a legal action taken by a group of investors who have suffered financial losses as a result of fraudulent activities committed by a company or its executives. This type of lawsuit is typically filed when a company misrepresents or withholds important information from investors, leading to a decline in the value of their investments. The purpose of a securities fraud class action is to seek compensation for the affected investors and hold the company accountable for its fraudulent practices.  Securities fraud class actions are governed by the Private Securities Litigation Reform Act (PSLRA).

One notable securities fraud class action lawsuit is the BioVie class action lawsuit. In this case, investors who purchased BioVie securities alleged that the company made false and misleading statements and misled investors, and when the truth was ultimately disclosed, they suffered losses from purchasing shares that had been artificially inflated by the false and misleading information.

Securities fraud class actions are typically initiated by a lead plaintiff or a group of lead plaintiffs who represent the interests of all the affected investors. The lead plaintiff is often an institutional investor or a large shareholder who has suffered substantial losses and possesses the resources and expertise to effectively pursue the lawsuit on behalf of the class. The lead plaintiff's role is crucial in coordinating with legal counsel, gathering evidence, and making strategic decisions throughout the litigation process.

To proceed with a securities fraud class action, the lead plaintiff must demonstrate that there is a common issue of law or fact among the members of the class and that a class action is the most efficient and appropriate method for resolving their claims. If these requirements are met, the court will certify the lawsuit as a class action, allowing all eligible investors to participate in the litigation and share in any potential recovery.

Once certified, the securities fraud class action typically goes through several stages, including discovery, where both parties exchange relevant documents and information, and motion practice, where each side presents legal arguments to the court. If the case does not settle during these stages, it may proceed to trial, where a jury or judge will determine liability and damages.

In securities fraud class actions, the defendants are usually the company accused of fraud and its executives who were involved in the fraudulent activities. The lead plaintiff seeks damages on behalf of all class members, which may include compensation for their financial losses, interest, attorneys' fees, and other costs incurred throughout the litigation process.

In conclusion, a securities fraud class action is a legal mechanism used by investors to seek compensation for financial losses resulting from fraudulent activities committed by a company. The BioVie class action lawsuit serves as an example of how investors can hold companies accountable for their alleged misrepresentations and omissions. These lawsuits play an essential role in protecting investor rights and promoting transparency in the financial markets.

WHAT DO THE PLAINTIFFS HAVE TO PROVE TO PREVAIL IN THE BIOVIE CLASS ACTION LAWSUIT?

​To understand the basis of the BioVie class action lawsuit, it is essential to grasp the key elements of securities fraud actions. The majority of securities fraud claims are brought under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. To prevail in a Rule 10b-5 action, a plaintiff must establish six elements:

1. The defendant made a material misrepresentation or omission.
2. The defendant acted with scienter, a wrongful state of mind.
3. The misrepresentation or omission was made in connection with the purchase or sale of a security.
4. The plaintiff relied on the misrepresentation or omission.
5. The plaintiff suffered an economic loss as a result of the fraud.
6. The plaintiff can prove loss causation, showing that the fraudulent misrepresentation or omission caused the economic loss.

Courts have extensively litigated these elements in various factual contexts over the past decades, shaping the legal landscape for securities fraud actions like the BioVie lawsuit.​

what are theTHE STAGES TO THE BIOVIE CLASS ACTION LAWSUIT?

​​​Securities fraud class actions go through a series of stages. In the BioVie lawsuit, the various steps to the lawsuit would be as follows:

• Consolidation of all related cases and the appointment of a lead plaintiff.
• Lead Plaintiff's filing of a consolidated complaint.
• Defendants' motion to dismiss.
• Class certification.
• Discovery.
• Settlement talks and most likely mediation.
• Motions for summary judgment.
• Trial.
• Appeal.

WHAT IS THE LEAD PLAINTIFF PROCESS IN THE BIOVIE CLASS ACTION LAWSUIT?

​The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in BioVie stock to seek appointment as lead plaintiff in the BioVie class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. ​

​A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in BioVie​​ stock and have further questions, contact BioVie stock loss Lawyer Timothy L. Miles today who would fight to recover your damages in a BioVie class action lawsuit if you suffered losses in BioVie stock.

CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE BIOVIE CLASS ACTION LAWSUIT?

​Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in BioVie​​ stock, they may move the Court to be appointed lead plaintiff in the BioVie class action lawsuit. 

WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE BIOVIE LAWSUIT?

Serving as a Lead Plaintiff in the BioVie lawsuit has several advantages and important benefits including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred in the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit of being involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against BioVie​​ if you suffered significant losses in BioVie​​ stock. ​

WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE BIOVIE CLASS ACTION LAWSUIT?

​​A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the BioVie class action lawsuit.  Some of the responsibilities of the Lead Plaintiff in the BioVie class action lawsuit include:

• Selecting, monitoring, and overseeing Lead Counsel.
• Reviewing and commenting on court filings on behalf of the class.
• Discussing litigation strategies with the Lead Counsel.
• Attending depositions (if necessary) and giving a deposition.
• Attending hearings (if necessary).
• Participating in mediation and the trial (if necessary).
• Provide input on any decision concerning the settlement of the securities class action.

CAN I BE APPOINTED LEAD PLAINTIFF IN THE BIOVIE LAWSUIT IF I PURCHASED SHARES OUTSIDE OF THE CLASS PERIOD?

No.  Even if you suffered losses in BioVie​​ stock, if you purchased securities outside of the Class period, you will not be able to participate in the BioVie lawsuit.

WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE BIOVIE CLASS ACTION LAWSUIT SETTLES?

​No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the BioVie class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the BioVie class action lawsuit on behalf of investors who suffered losses in BioVie​ stock. 

CAN I BE LEAD PLAINTIFF IN THE BIOVIE CLASS ACTION LAWSUIT IF I AM LEAD PLAINTIFF IN ANOTHER CASE?

​​Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in BioVie stock, you may move to be appointed lead plaintiff in the BioVie class action lawsuit.

HOW CAN A BIOVIE STOCK LOSS LAWYER HELP ME IF I SUFFERED LOSSES IN BIOVIE STOCK?

​​​​​A BioVie stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals such as the BioVie class action lawsuit. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, they have lost money due to mistakes, incompetence, or fraud by an investment professional.

While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. 

Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions​​.

One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic, including most recently being named a Top 25 Class action lawyer by the National Trial Lawyers Association, and has maintained an AV rating from Martindale-Hubble since 2014, was named a 2023 Top Rated Litigator and 2023 Top Rated Lawyer by Martindale-Hubble and ALM, and was recently named a 2023 Elite Lawyer of the South by Martindale-Hubble for the fifth year in a row, and was a recipient of Avvo Client’s Choice Award in 2021, in 2022 was featured in the Top 100 Lawyers Magazine and received the Lifetime Achievement Award by Premier Lawyers of America (2019–2021).

​This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. ​

IF I SUFFERED LOSSES IN BIOVIE STOCK, HOW MUCH CAN I GET OUT OF THE BIOVIE CLASS ACTION LAWSUIT?

​​​In a securities fraud class action lawsuit, the plaintiff’s damages are typically calculated as out-of-pocket losses. These losses are expressed as the difference between the price at which the stock was sold and the price at which the stock would have been sold absent any artificial inflation caused by the defendant’s alleged misrepresentations or omissions which is why you suffered losses in BioVie​​ stock. Contact a BioVie stock loss lawyer who could explain your losses in greater detail if you suffered losses in BioVie stock. 

HOW WAS THE CLASS PERIOD DETERMINED IN THE BIOVIE LAWSUIT?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives.  The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading.  The class period ends when the truth is revealed to the investing public through a corrective disclosure.  
 
To be a part of the class in the BioVie lawsuit, you must have suffered losses in BioVie​​ stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against BioVie​​​.  ​

IF I SUFFERED LOSSES IN BIOVIE STOCK, WHEN CAN I EXPECT TO RECEIVE MY PAYMENT IF THE BIOVIE LAWSUIT SETTLES?

​If there is a settlement in the BioVie lawsuit, you should receive a court-ordered Notice through the mail which will provide a date when the court will hold a final hearing to decide if it will approve the settlement. If your address changed, you may also find lawsuits through sites such as Consumer Action and ClassAction.org along with instructions on how to submit a claim. The Notice will instruct you what you need to do to file a claim. In some class action settlements, you are automatically submitted and need to do nothing further. However, in others, you may be required to submit more information to proceed such as documentation proving your purchase, such as a receipt or brokerage slip or other evidence that you bought or sold BioVie stock during the class period and suffered losses in BioVie stock.
 
The court will hold a final hearing in the BioVie lawsuit on a date provided in the Notice to decide whether to finally approve the settlement. If the Court finally approves the settlement, and there are no objections or appeals, settlement payments will be mailed to all Participating Class Members within a few months. However, if there are objections or appeals, resolving them can take a significant amount of time, perhaps more than a year to resolve the BioVie lawsuit. ​

WHAT IS THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING MYSELF IN THE BIOVIE​​ LAWSUIT?

​​Objecting is telling the Court you do not believe the settlement in the BioVie lawsuit, or some part of it, is fair or reasonable.  You can file an objection only if you stay in the Class and do not exclude yourself, and you may submit a Claim Form even if you object to the settlement.  On the other hand, requesting exclusion is explicitly telling the Court you do not want to be part of the Class or the Settlement in the class action against BioVie​. If you exclude yourself, you cannot object to the Settlement because you no longer have standing as you are not a class member anymore. Similarly, you cannot submit a Claim Form. If you stay in the Class and object, but your objection is overruled, you will not be allowed a second opportunity to exclude yourself.

HOW MUCH DOES IT COST TO HIRE A BIOVIE​ STOCK LOSS LAWYER IF I SUFFERED LOSSES IN BIOVIE​ STOCK?

​​Nothing. If you suffered losses in BioVie​ and are a member of the class, it does not cost anything to hire a BioVie​ stock loss lawyer.  Our firm litigates securities fraud cases on a contingent fee basis, so plaintiffs and the class do not pay attorneys’ fees or court costs unless there is a recovery, and the attorney fees and costs are awarded by the court as a percentage of the total recovery for the class.  So, contact a BioVie​ stock loss lawyer today if you suffered losses in BioVie​ ​stock about a BioVie lawsuit.

CONTACT A BIOVIE​ STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN BIOVIE​ STOCK ABOUT A BIOVIE​​ CLASS ACTION LAWSUIT

​If you suffered losses in BioVie​​ stock, contact BioVie​ stock loss lawyer Timothy L. Miles today for a free case evaluation about a BioVie class action lawsuit. Call today and see what a BioVie​ stock loss lawyer could do for you if you suffered losses in BioVie​​​ ​stock.

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​Email: [email protected]

BioVie​ stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]
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