FSD Pharma Announces Dismissal of Derivative Complaint
FSD Pharma (NASDAQ: HUGE) announced the successful dismissal of a derivative lawsuit filed by shareholder Maheep Goyal on July 20, 2021, in Delaware. The court ruled on May 5, 2022, that Goyal lacked standing, validating the Company's stance on the frivolous nature of such lawsuits. This is the second successful dismissal of a claim against the Company, following a similar ruling on December 13, 2021. FSD Pharma focuses on developing drug candidates including FSD-PEA for pharmaceutical research and mental health therapies.
- Successful dismissal of derivative lawsuit enhances Company credibility.
- Second claim dismissed indicates positive legal standing for future operations.
- None.
“We have always believed that the lawsuits against the Company are frivolous in nature. We are pleased to hear that the courts of
The dismissal of the Claim marks another claim against the Company that has been successfully dismissed, following the dismissal of the joint claim filed by Mr.
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Forward Looking Information
Certain statements contained herein are “forward-looking statements.” Often, but not always, forward-looking statement can be identified by the use of words such as “plans,” “expects,” “expected,” “scheduled,” “estimates,” “intends,” “anticipates,” “hopes,” “planned” or “believes,” or variations of such words and phrases, or states that certain actions, events or results “may,” “could,” “would,” “might,” “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to the resolution of the Company’s remaining litigation. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Factors that may cause such material differences include without limitation: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Further information regarding factors that may cause actual results to differ materially are included in the Company’s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the
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Email: Zsaeed@fsdpharma.com
Telephone: (416) 854-8884
Investor Relations:
Email: ir@fsdpharma.com, info@fsdpharma.com
Website: www.fsdpharma.com
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