HUGE:CC - InvestorNewsBreaks - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) Announces Dismissal of Motion Wins $2.8 Million Award
FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, is reporting on the status of court action filed against it. The company announced that the Ontario Superior Court of Justice dismissed the motion to set aside an arbitration award to FSD Pharma; the motion was filed by Dr. Raza Bokhari, former FSD Pharma CEO of FSD Pharma and current CEO of Medicus Pharma Ltd. In addition, the company noted an earlier decision by the Honourable J. Douglas Cunningham, K.C., who awarded the company approximately C$2.81 million in costs of arbitration, was upheld, despite being challenged by Bokhari. The judgment noted adequate reasoning for the termination of Bokhari. “FSD Pharma is delighted with the court's decision and will vigorously pursue to collect the monetary awards of over C$2.8 million that were awarded by the arbitrator on May 07, 2023, plus all accruing interest at a rate of 6%. In addition, the court also ordered Bokhari to pay FSD Pharma $175,000 to cover its legal costs for his failed set aside motion. Dr. Bokhari was required to put up $150,000 as security for costs before the motion was heard, which he has forfeited. In addition, he is now expected to pay another $25,000 to FSD for the costs for this motion alone.”
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About FSD Pharma Inc.
FSD Pharma Inc. is a biotechnology company with two candidates in different stages of development. Lucid Psychss Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-MS and UNBUZZD(TM). Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. UNBUZZD is a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of potentially quickly relieving from the effects of alcohol consumption, such as inebriation, and restoring normal lifestyle. For more information about the company, please visit www.FSDPharma.com.
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