DR. RAZA BOKHARI, FORMER EXECUTIVE CHAIRMAN AND CEO OF FSD PHARMA, FILES TWO ADDITIONAL CLAIMS AGAINST THE COMPANY SEEKING RELIEF AND MONETARY DAMAGES EXCEEDING $30.2 MILLION

Rhea-AI Summary

Dr. Raza Bokhari, former CEO of FSD Pharma, has filed two new claims against the company, alleging breach of employment contract and interference with economic relations. He also has an existing application seeking to set aside an arbitral award. FSD Pharma is facing a lawsuit for $53,047,000 for misappropriating trade secrets and breaching non-disclosure agreements.

Positive

• Dr. Raza Bokhari's claims against FSD Pharma could potentially result in damages for the company. The lawsuit filed by GBB Drink Lab could also negatively impact the company's reputation and financials.

Negative

• None.

PHILADELPHIA, June 21, 2023 /PRNewswire/ -- Attorneys for Dr. Raza Bokhari, the former CEO and Executive Chairman of FSD Pharma (CSE: HUGE, NASDAQ: HUGE) have filed two new claims against his former employer.

The two matters filed with the Ontario Superior Court of Justice seek damages from FSD Pharma alleging breach of his employment contract and for tortious and intentional interference with economic relations during and subsequent to Bokhari's tenure as FSD's Executive Chairman and CEO. The filings further claim negligence, misrepresentation and other causes on the part of FSD's founders, Anthony Durkacz and Zeeshan Saeed before, during and after the proxy fight that ultimately led to his constructive dismissal in 2021. This proxy fight originated when Dr. Bokhari opposed Durkacz and Saeed's demands to acquire Lucid Psycheceuticals Inc, a shell company without any clinical stage products in which Durkacz had a significant financial interest, which he initially did not fully disclose.

Dr. Bokhari already has an existing Application before the Ontario Superior Court of Justice, seeking to set aside the Arbitral Award issued by Arbitrator J. Douglas Cunningham in November 2022. Dr. Bokhari, amongst other things, asserts that (a) neither the Honorable Justice Cunningham, the arbitrator overseeing his wrongful dismissal matter, nor FSD Pharma's attorneys – Blake, Cassels & Graydon LLP ("Blakes"), disclosed past and ongoing business relationship between themselves. This non-disclosure, if true, appears to be a material violation of section 11 of the Ontario Arbitration Act of 1991, giving rise to a reasonable apprehension of bias against Dr. Bokhari.

"Blake's makes a claim on their website that they are 'adept at selecting the right arbitrators'", said Dr. Bokhari.

In addition to these disputes outlined above, FSD Pharma was recently sued for $53,047,000 by GBB Drink Lab in United States District Court, District of Florida, for misappropriating trade secrets and breaching non-disclosure agreements. The claim relates to alleged actions engaged in by Saeed, Durkacz and others at FSD Pharma after Dr. Bokhari's departure from the company. 

About Dr. Raza Bokhari

A recipient of Philadelphia Business Journal's "40 under 40" award, Dr. Raza Bokhari, has developed outstanding expertise in aggregating and accelerating life sciences, healthcare services and Pharmaceutical R&D companies.

Dr. Bokhari is the managing partner of RBx Capital, LP, and is nominated as the Executive Chairman & CEO of Medicus Pharma, Ltd, a biotech company developing innovative and non-invasive therapies to treat cancerous melanomas. The company is expected to begin trading on Toronto Stock Exchange (TSXV).

For more information on Dr. Bokhari, including the complete story of his tenure at FSD Pharma, please visit razabokhari.com 

For Further Information:
RBx Capital, LP: Carolyn Bonner, Principal (610)636-0184 cbonner@rbxcapital.net

View original content:https://www.prnewswire.com/news-releases/dr-raza-bokhari-former-executive-chairman-and-ceo-of-fsd-pharma-files-two-additional-claims-against-the-company-seeking-relief-and-monetary-damages-exceeding-30-2-million-301856193.html

SOURCE RBx Capital LP

FAQ

What claims has Dr. Raza Bokhari filed against FSD Pharma?

Dr. Raza Bokhari has filed claims alleging breach of employment contract and interference with economic relations against FSD Pharma.

What is the existing application filed by Dr. Raza Bokhari?

Dr. Raza Bokhari has an existing application seeking to set aside an arbitral award.

What lawsuit is FSD Pharma facing?

FSD Pharma is facing a lawsuit for $53,047,000 by GBB Drink Lab for misappropriating trade secrets and breaching non-disclosure agreements.