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FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FRA: 0K9) ("FSD Pharma" or the "Company"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, today announced that the claim for USD $30.2 million brought by the Company's former CEO, Dr. Raza Bokhari, was dismissed yesterday, November 9, 2022. Dr. Bokhari had claimed that he had been wrongfully dismissed. The arbitrator hearing the claim dismissed it in its entirety. The arbitrator also ordered Dr. Bokhari to repay certain monies to FSD Pharma, while also holding Dr. Bokhari responsible for FSD Pharma's costs of the arbitration.
"The outcome of the arbitration represents a full vindication of the actions of the current management and board of directors of FSD Pharma with respect to Dr. Bokhari, prior to, during and subsequent to the 2021 proxy battle. We are happy to report to our shareholders that this claim has been resolved fully in our favour," said Zeeshan Saeed, Founder, President & Executive Co-Chairman of the Company.
"We have always believed that Dr. Bokhari's claims against the Company were without merit. We are pleased to hear that the tribunal has now dealt with the claims. We are looking forward to putting this behind us and focusing our efforts on advancing our drug candidates and creating value for our shareholders," said Anthony Durkacz, Founder, Interim CEO & Executive Co-Chairman of the Company.
