BioVie (BIVI) - Chairman and Controlling Shareholder Is An Alleged Crook
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Dear Reader,
Oh, how the times have changed! We’ve gone from 1 post every 6 months to two in the same day.
Today, it was announced that Terren Peizer is being sued by both the DOJ and the SEC for insider trading in OTRK 0.00%↑ stock. OTRK used to be named Catasys (ticker: CATS).
OTRK/CATS was focused on addiction treatment. The space is historically a hot bed for fraud. A few years ago addiction treatments centers faced a lot of head from the DOJ for over testing patients’ urine and bilking the healthcare system out of millions of dollars. $AACH was public company in the space - doing that exact thing - and it filed for bankruptcy a few years ago. To my knowledge, there is no widely effective treatment program for addiction - it is all a genuinely noble goal, but more or less vaporware - which I mention because it tells you something about Mr. Peizer that he chose that for his grift. It is also worth noting that Peizer worked closely with Milken back in the day and he collaborated with the prosecution in exchange for immunity.
So, why are we talking about this? Well, Terren Peizer is the Chairman and controling shareholder of another public company: BioVie, Inc. (BIVI). I know literally nothing about this company’s drug pipeline - but I also don’t think you need to.
In addition to Peizer, the company’s board includes:
Richard Berman - I don’t know much about him, but the number of public company boards he has been on is a huge red flag.
A cursory glance at the list shows that the majority of them are <$50mm in market cap and several of them are traded OTC.
Michael Sherman - He is a lawyer and his only other public company role is the aforementioned OTRK during the period in which Peizer committed the acts he is now being prosecuted for.
Steve Gorlin - Steve has been on numerous other corporate boards including:
MDXG, where the CEO ultimately went to jail
PTE, which was an infamous Phil Frost/Honig stock
Dr. Robert Hariri - Similar to Richard Berman, has been on a few boards with a mixed results
Sigmund Rogich - His prior public company experience is MSTH, which has seen its shared decline 90% over the last 9 months to all-time lows
James Lang - Pretty benign history
Cuong Do - Also a totally benign history
Joanne Kim - Also a totally benign history
If this isn’t a collection of folks you want to bet against, I’d like to know who is.
Disclaimer: Please remember this post should not be taken as investing advice and please consult a licensed financial advisor before making any investment decisions. The OpTrack team did its best to present everything above in a factually accurate way, but there is always room for error in biographical data on executives and market data. There may be mistakes of omission or commission in the above - if you find one - please reach out to OpTrack@OpTrack.io so that we can correct it.