FSD Pharma $2 Million Arbitration Award Upheld by Federal Court Against Former CEO

MT Newswires Live06-29

FSD Pharma's (HUGE) former board chairman and chief executive owes more than $2.2 million, plus interest, to the company, after a federal court confirmed a November 2022 arbitration award.

Former FSD Pharma CEO Raza Bokhari was fired in July 2021, following an internal dispute over a prospective acquisition. Bokhari challenged the termination in US federal court in Pennsylvania as well as arbitration in Ontario, where FSD Pharma is based.

The damages award, confirmed by the US District Court for the Eastern District of Pennsylvania, includes nearly $570,000 in proceeds from FSD Pharma class B stock sale, almost $329,000 paid to former US Senator Rick Santorum using company funds, and reimbursing $70,000 he paid for four personal flights.

FSD Pharma shares were nearly 5% higher in recent trading Friday.

Price: 0.18, Change: +0.01, Percent Change: +4.71

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