Quantum Biopharma Wins Reconsideration Motion by Dr. Raza Bokhari at the Court of Appeal for Ontario
Quantum BioPharma (NASDAQ: QNTM) has secured a significant legal victory as the Court of Appeal for Ontario dismissed a reconsideration motion filed by Dr. Raza Bokhari, former CEO of FSD Pharma (now Quantum BioPharma). The court's decision upholds awards totaling $180,000 in Quantum's favor.
The dispute stems from Dr. Bokhari's termination for cause in July 2021. Previously, Arbitrator Cunningham rejected Dr. Bokhari's wrongful dismissal claim and awarded the company approximately CDN$2.81 million in arbitration costs plus interest. The U.S. District Court for Eastern Pennsylvania granted judgment in Quantum's favor, including various monetary awards with interest rates ranging from 4% to 6% per annum.
Dr. Bokhari has appealed the U.S. Court order and received a stay after providing a supersedeas bond for USD $2,882,441.48. The final judgment from the United States Court of Appeals for the Third Circuit is pending.
Quantum BioPharma (NASDAQ: QNTM) ha ottenuto una significativa vittoria legale poiché la Corte d'Appello dell'Ontario ha respinto una mozione di riesame presentata dal Dr. Raza Bokhari, ex CEO di FSD Pharma (ora Quantum BioPharma). La decisione del tribunale conferma premi totali di $180.000 a favore di Quantum.
La controversia deriva dal licenziamento del Dr. Bokhari per giusta causa nel luglio 2021. In precedenza, l'arbitro Cunningham aveva respinto la richiesta di licenziamento ingiustificato del Dr. Bokhari e aveva assegnato all'azienda circa CDN$2,81 milioni in costi di arbitrato più interessi. Il Tribunale Distrettuale degli Stati Uniti per la Pennsylvania Orientale ha emesso un giudizio a favore di Quantum, inclusi vari premi monetari con tassi di interesse che vanno dal 4% al 6% annui.
Il Dr. Bokhari ha fatto appello all'ordine del tribunale degli Stati Uniti e ha ricevuto una sospensione dopo aver fornito un supersedeas bond di USD $2.882.441,48. Il giudizio finale della Corte d'Appello degli Stati Uniti per il Terzo Circuito è in attesa.
Quantum BioPharma (NASDAQ: QNTM) ha conseguido una victoria legal significativa, ya que la Corte de Apelaciones de Ontario desestimó una moción de reconsideración presentada por el Dr. Raza Bokhari, ex CEO de FSD Pharma (ahora Quantum BioPharma). La decisión del tribunal sostiene premios totales de $180,000 a favor de Quantum.
La disputa se origina por la terminación del Dr. Bokhari por causa en julio de 2021. Anteriormente, el árbitro Cunningham rechazó la reclamación de despido injustificado del Dr. Bokhari y otorgó a la empresa aproximadamente CDN$2.81 millones en costos de arbitraje más intereses. El Tribunal de Distrito de EE. UU. para el Este de Pennsylvania emitió un fallo a favor de Quantum, incluyendo varios premios monetarios con tasas de interés que oscilan entre el 4% y el 6% anual.
El Dr. Bokhari ha apelado la orden del tribunal de EE. UU. y ha recibido una suspensión tras proporcionar un supersedeas bond de USD $2,882,441.48. El fallo final de la Corte de Apelaciones de EE. UU. para el Tercer Circuito está pendiente.
퀀텀 바이오파마 (NASDAQ: QNTM)는 온타리오 항소법원이 FSD 파마의 전 CEO인 라자 보카리 박사가 제출한 재심 청구를 기각함에 따라 중요한 법적 승리를 거두었습니다 (현재 퀀텀 바이오파마). 법원의 결정은 퀀텀에게 총 $180,000의 보상을 승인합니다.
이 분쟁은 2021년 7월 보카리 박사가 정당한 사유로 해고된 것에서 비롯됩니다. 이전에 중재자 커닝햄은 보카리 박사의 부당 해고 청구를 기각하고 회사에 약 CDN$2.81 백만의 중재 비용과 이자를 부여했습니다. 미국 동부 펜실베이니아 지방법원은 다양한 금전적 보상을 포함하여 퀀텀에게 유리한 판결을 내렸으며, 이자율은 연 4%에서 6% 사이입니다.
보카리 박사는 미국 법원의 명령에 항소하였고, USD $2,882,441.48의 보증금을 제공한 후 유예를 받았습니다. 제3 순회 항소법원의 최종 판결은 대기 중입니다.
Quantum BioPharma (NASDAQ: QNTM) a remporté une victoire juridique significative, la Cour d'appel de l'Ontario ayant rejeté une demande de réexamen déposée par le Dr Raza Bokhari, ancien PDG de FSD Pharma (désormais Quantum BioPharma). La décision du tribunal confirme des indemnités totalisant 180 000 $ en faveur de Quantum.
Le litige découle du licenciement pour cause du Dr Bokhari en juillet 2021. Auparavant, l'arbitre Cunningham avait rejeté la demande de licenciement abusif du Dr Bokhari et avait accordé à l'entreprise environ CDN$2,81 millions en frais d'arbitrage plus intérêts. Le tribunal de district des États-Unis pour l'Est de la Pennsylvanie a rendu un jugement en faveur de Quantum, y compris diverses indemnités monétaires avec des taux d'intérêt allant de 4 % à 6 % par an.
Le Dr Bokhari a fait appel de l'ordonnance du tribunal américain et a obtenu un sursis après avoir fourni un supersedeas bond de USD $2,882,441.48. Le jugement final de la Cour d'appel des États-Unis pour le troisième circuit est en attente.
Quantum BioPharma (NASDAQ: QNTM) hat einen bedeutenden rechtlichen Sieg errungen, da das Berufungsgericht von Ontario einen Antrag auf Überprüfung von Dr. Raza Bokhari, dem ehemaligen CEO von FSD Pharma (nun Quantum BioPharma), abgelehnt hat. Die Entscheidung des Gerichts bestätigt Auszeichnungen in Höhe von insgesamt $180.000 zugunsten von Quantum.
Der Streit resultiert aus der fristlosen Kündigung von Dr. Bokhari im Juli 2021. Zuvor hatte Schiedsrichter Cunningham die Klage auf unrechtmäßige Entlassung von Dr. Bokhari abgelehnt und dem Unternehmen etwa CDN$2,81 Millionen an Schiedsgerichtskosten zuzüglich Zinsen zugesprochen. Das US-Bezirksgericht für den östlichen Teil von Pennsylvania fällte ein Urteil zugunsten von Quantum, einschließlich verschiedener Geldauszeichnungen mit Zinssätzen von 4% bis 6% pro Jahr.
Dr. Bokhari hat gegen den Beschluss des US-Gerichts Berufung eingelegt und erhielt eine Aussetzung, nachdem er eine Supersedeas-Bond in Höhe von USD $2.882.441,48 hinterlegt hatte. Das endgültige Urteil des US-Berufungsgerichts für den Dritten Bezirk steht noch aus.
- Court victory ensures company will receive significant monetary compensation totaling CDN$2.81M plus interest
- Secured $180,000 in additional court cost awards
- Supersedeas bond of USD $2.88M provides financial security for the judgment amount
- Final resolution still pending due to ongoing appeal in U.S. Court of Appeals
- Legal proceedings continuing to consume company time and resources
Insights
Quantum BioPharma's legal victory against former CEO Dr. Raza Bokhari represents a significant financial positive for the company. With a
The dismissal of Bokhari's reconsideration motion by the Ontario Court of Appeal solidifies Quantum's earlier victories, with multiple courts consistently ruling in the company's favor. Particularly noteworthy is that Bokhari has provided a supersedeas bond of
The courts have validated Quantum's 2021 termination of Bokhari for cause, reinforcing management's decision-making and corporate governance. The daily interest accruals (
While litigation can be costly and distracting, the sequential legal victories and secured bond indicate this dispute is trending strongly in Quantum's favor, with meaningful financial upside relative to the company's size. The final US appeal represents the last significant hurdle before potential collection of these substantial awards.
Awards in favour of Quantum BioPharma Totalling
TORONTO, April 14, 2025 (GLOBE NEWSWIRE) -- Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (Upstream: QNTM) (“Quantum BioPharma” or the “Company”), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development, today announced that the reconsideration motion by Dr. Raza Bokhari at the Court of Appeal for Ontario was dismissed entirely in favour of Quantum BioPharma. Dr. Raza Bokhari, current CEO of Medicus Pharma, Ltd., was CEO of FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) now Quantum BioPharma, in 2019 and was terminated for cause in July 2021.
As previously disclosed in Quantum BioPharma’s news releases issued May 11, 2023, October 4, 2023 and February 5, 2024 and January 17, 2025 (https://feeds.issuerdirect.com/news-release.html?newsid=4924606685100137), Arbitrator Cunningham dismissed Dr. Bokhari’s claim that the Company had wrongfully dismissed him, awarding FSD Pharma approximately CDN
Quantum BioPharma filed and served a Petition to Confirm Arbitration Award in the United States District Court for the Eastern District of Pennsylvania to formally begin the process to collect the monies awarded from Dr. Raza Bokhari. An Order was granted and Judgment was entered in favor of FSD Pharma, now Quantum BioPharma, and against respondent Dr. Raza Bokhari on June 27, 2024 as follows: 1. USD
About Quantum BioPharma Ltd.
Quantum BioPharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), Quantum BioPharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented UNBUZZD™ and spun out its OTC version to a company, Celly Nutrition Corp. (“Celly Nutrition”), led by industry veterans. Quantum BioPharma retains ownership of
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Contacts:
Quantum BioPharma Ltd.
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: Zsaeed@quantumbiopharma.com
Telephone: (833) 571-1811
Investor Relations: IR@QuantumBioPharma.com
General Inquiries: info@QuantumBioPharma.com
FAQ
What is the total amount awarded to Quantum BioPharma (QNTM) in the legal dispute with Dr. Raza Bokhari?
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What interest rates were set for the monetary awards in Quantum BioPharma's (QNTM) U.S. court judgment?
