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GBB Drink Lab. Inc ("GBB" or the "Company"), a maker of the world's first rapid blood alcohol detoxification beverage, is pleased to announce that a federal court has refused to dismiss the Company's ongoing lawsuit against FSD Pharma.
FSD Pharma (NASDAQ:HUGE), a clinical-stage biotech company, has violated a Non-Disclosure Agreement (NDA) with GBB and has breached the contract by attempting to steal information and launch GBB's product without permission.
"Nowhere in the Amended Complaint does Plaintiff allege that all nineteen of the ingredients are necessary to create a parallel program or competitor drink, and this Court sees no reason to impose such a requirement. It is apparent, at least to this Court, that Plaintiff takes issue with Defendants' development of a competing drink, which relies on most of the same ingredients (and methods for combining such ingredients) as Plaintiff's proprietary beverage," said the Court.
The Court added, "Drawing all inferences in Plaintiff's favor, this Court concludes that Plaintiff has sufficiently demonstrated that its trade secrets derived economic value from not being readily ascertainable by others. Plaintiff alleges that the unidentified investors pulled out of the contemplated deals "because of Defendants' announcements (and the promotional content) related to the development and planned future launch of a competing product that utilizes GBB's confidential information."
The Court's decision not to dismiss the case represents a major victory for the Company and GBB is aggressively continuing legal action against the theft of their confidential information and to stop FSD Pharma from launching their product.
"The Court's decision to not dismiss our case demonstrates that we have a strong legal position based on the facts. We look forward to a full and fair proceeding to resolve this matter and we believe that we will be victorious," said GBB CEO John Gulyas.
Posted In: HUGE
