demystifying THE BIOVIE CLASS ACTION LAWSUIT: FROM FILING TO SETTLEMENT

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 BioVieclass action lawsuit​ has garnered quite a bit of attention since its recent filing, and it is essential to understand the intricacies of this legal battle. This article aims to provide a comprehensive guide on navigating the BioVie lawsuit​, from the initial filing to the eventual settlement. By delving into the legal basis of the lawsuit, the steps to file a claim, the role of the lead plaintiff, the importance of legal representation, the settlement process, factors to consider when participating in the settlement, frequently asked questions, and available resources, this guide equips individuals with the knowledge needed to make informed decisions.

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UNDERSTANDING THE LEGAL BASIS OF THE BIOVIE CLASS ACTION LAWSUIT

​Before delving into the specifics of the BioVie class action lawsuit, it is crucial to comprehend the legal basis upon which this lawsuit stands.  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 BioVie class action lawsuit 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.

HOW DO I KNOW IF I AM A MEMBER OF THE CLASS IN THE BIOVIE LAWSUIT?

Contact a BioVie Stock Loss Lawyer about a BioVie class action lawsuit

​If you purchased shares during the class period and suffered losses in BioVie stock, then you are most likely a member of the class in the BioVie lawsuit and may participate in the BioVie class action lawsuit since you suffered losses in BioVie​​ stock.​ If you are a member of the class and do not wish to move for lead plaintiff, there is nothing you need to do at this time.  If at some point, the class is certified or there is a settlement, you will receive a notice explaining your rights and the actions, if any, you need to take in the BioVie class action lawsuit.

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RESPONSIBILITIES THE LEAD PLAINTIFF WILL 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.

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.

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.​

THE 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.

THE SETTLEMENT PROCESS IN THE BIOVIE CLASS ACTION LAWSUIT

​After the filing of claims and the completion of the litigation process, the BioVie class action lawsuit may reach a settlement stage. A settlement is an agreement reached between the plaintiffs and the defendant, which typically involves compensation for the affected individuals. Any settlement must be approved by the lead plaintiff(s).

The settlement amount is determined based on various factors, including the number of eligible claimants, the severity of the harm suffered, and the financial resources of the defendant, including the amount of insurance coverage.

During the settlement process, negotiations take place between the legal representatives of both parties. The plaintiffs must be represented by skilled attorneys who can effectively advocate for their rights and secure a fair settlement. Once a settlement agreement is reached and has been approved by the lead plaintiff(s) it is submitted to the court for approval.  The Court must find that the settlement is fair, adequate, and reasonable.

FACTORS TO CONSIDER WHEN DECIDING TO PARTICIPATE IN THE SETTLEMENT

​​When considering whether to participate in the settlement of the BioVie class action lawsuit, several factors need to be taken into account. These factors include the strength of the case, the potential compensation offered in the settlement, the cost and duration of continued litigation, and the individual's circumstances.

While a settlement may provide a quicker resolution and guaranteed compensation, it may not always be in the best interest of every individual involved. Consulting with an attorney is essential in evaluating the pros and cons of accepting a settlement versus pursuing further litigation by opting out and pursuing an individual case.

THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING youSELF IN THE BIOVIE​​ LAWSUIT

​​Objecting is telling the Court you do not believe the settlement in the BioVie class action 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 BioVie class action lawsuit. 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.

FREQUENTLY ASKED QUESTIONS ABOUT THE BIOVIE CLASS ACTION LAWSUIT

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1. Q: How long does the class action lawsuit process typically take?
   • A: The duration of a class action lawsuit varies depending on various factors such as the complexity of the case, the number of claimants involved, and the court's schedule. It can take several months to several years to resolve.
2. Q: Can I join the class action lawsuit if I have already settled a claim with BioVie?
   • A: Generally, individuals who have settled their claims against BioVie may not be eligible to participate in the class action lawsuit. However, there are exceptions. For example, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you could still participate in the BioVie class action lawsuit. However, it is advisable to consult with an attorney to determine your specific circumstances.
3. Q: How will I be notified of any updates or developments in the lawsuit?
   • A: You may receive a notice from the court, particularly if the class is certified or there is a settlement. Additionally, the court-appointed administrator of the class action lawsuit will provide updates and notifications to the eligible class members via mail or email. It is crucial to ensure that your contact information is up to date.

RESOURCES FOR STAYING UPDATED ON THE PROGRESS OF THE LAWSUIT

​Staying informed about the progress of the BioVie class action lawsuit is essential for individuals involved in the case. Several resources can provide updates and information related to the lawsuit. These resources include the official website of the court handling the case, the website of the law firm representing the lead plaintiffs, and legal news outlets that cover class action lawsuits.

Regularly checking these resources ensures that you are aware of any new developments, important deadlines, or changes to the lawsuit that may affect your participation.

CONCLUSION

​​​Navigating the BioVie class action lawsuit can be a complex and daunting process. However, by understanding the legal basis of the lawsuit, the steps to file a claim, the role of the lead plaintiff, the importance of legal representation, the settlement process, factors to consider when participating in the settlement, frequently asked questions, and available resources, individuals can make informed decisions and protect their rights. Remember, seeking the guidance of an experienced attorney like Timothy L. Miles is crucial throughout this journey to ensure the best possible outcome in this class action 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]