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The latest stable release of v Bulletin 3 is 3.8.11 which was released on 10th May 2017, and is a maintenance and compatibility release (for PHP 7.x compatibility).
v Bulletin 4 was described in this announcement as "an extensive rewrite of the v Bulletin system.
The lawsuit alleges "widespread infringement and unlawful exploitation" of v Bulletin's source code and "equally damaging misappropriation of trade secrets" developed and owned by v Bulletin with "investments of millions of dollars over the last ten years." The lawsuit further alleges that the developers of Xen Foro Ltd.
In December 2002, v Bulletin 3 was beginning development.
As their site grew, they noticed that their software, written in Perl using a flat-file database, could not always cope with the number of users they had.