{"id":758590,"date":"2023-05-12T17:21:51","date_gmt":"2023-05-12T21:21:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/"},"modified":"2023-05-12T17:21:51","modified_gmt":"2023-05-12T21:21:51","slug":"fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/","title":{"rendered":"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwpagebreakafter { page-break-after: always }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution<\/b><\/p>\n<p>TORONTO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nFSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (\u201c<b>FSD Pharma<\/b>\u201d or the \u201c<b>Company<\/b>\u201d), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, announces that a complaint was filed on May 1, 2023 in the United States District Court for the Southern District of Florida by GBB Drink Lab, Inc. (\u201cGBB\u201d) against FSD Pharma and its subsidiary, FSD Biosciences, Inc. (collectively, \u201cFSD\u201d). A copy of this complaint was delivered to FSD Pharma on May 9, 2023.<\/p>\n<p>\nThe complaint claims that FSD breached a mutual nondisclosure agreement and misappropriation of trade secrets, violated 18 U.S.C. \u00a7 1836, and violated Florida\u2019s Uniform Trade Secrets Act in connection with FSD having discussions with GBB regarding a business opportunity and potential acquisition of GBB. FSD ultimately did not acquire GBB.<\/p>\n<p>\nFSD has reviewed the complaint and believes that the allegations are without merit. FSD plans to vigorously defend itself against the allegations. FSD\u2019s policy is not to discuss pending litigation.<\/p>\n<p><i>Spin-Out and Distribution Update<\/i><\/p>\n<p>\nFurther to the Company&#8217;s news release dated April 12, 2023 (the &#8220;April 12 News Release&#8221;), the Company continues to work towards completing the Spin-Out Transaction (as defined in the April 12 News Release) but due to ongoing negotiations with one of the proposed assets to be included in the Spin-Out Transaction the necessary documentation for shareholder approval will not be ready in time for mailing deadline for the June 29, 2023 shareholders meeting. As such, the shareholders meeting on June 29, 2023 will proceed as a general annual meeting of FSD Pharma shareholders and the Company will schedule a separate special meeting to approve the Spin-Out Transaction in the future.<\/p>\n<p><b>About FSD Pharma<\/b><\/p>\n<p>\nFSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, a proprietary ultra-micronized PEA formulation, for the treatment of inflammatory diseases. Lucid Psychss Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-Psych and Lucid-MS. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders, and expanding this category, the Company is investigating other products addressing acute medical needs due to the abuse of drugs such as alcohol. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.<\/p>\n<div class=\"bwpagebreakafter\" \/>\n<p><b>Forward Looking Information<\/b><\/p>\n<p>\nThis press release contains forward-looking statements and forward-looking information (collectively, &#8220;<b>forward-looking statements<\/b>&#8220;)<b \/>within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as \u201cplans\u201d, \u201cexpects\u201d, \u201cexpected\u201d, \u201cscheduled\u201d, \u201cestimates\u201d, \u201cintends\u201d, \u201canticipates\u201d, \u201chopes\u201d, \u201cplanned\u201d or \u201cbelieves\u201d, or variations of such words and phrases, or states that certain actions, events or results \u201cmay\u201d, \u201ccould\u201d, \u201cwould\u201d, \u201cmight\u201d, \u201cpotentially\u201d or \u201cwill\u201d be taken, occur or be achieved. More particularly, and without limitation, this press release contains forward-looking statements contained in this press release include statements concerning the future of FSD Pharma Inc. and are based on certain assumptions that FSD Pharma has made in respect thereof as of the date of this press release. FSD Pharma cannot give any assurance that such forward-looking statements will prove to have been correct.<\/p>\n<p>\nSince 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 believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct and 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. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: 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. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release, which speak only as of the date of this press release.<\/p>\n<div class=\"bwpagebreakafter\" \/>\n<p>\nFurther information regarding factors that may cause actual results to differ materially are included in the Company\u2019s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=53399738&amp;newsitemid=20230512005381&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=1&amp;md5=a2b66c8c8abaf507bcc085acc8914872\">www.sedar.com<\/a>) and with the U.S. Securities and Exchange Commission on EDGAR (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53399738&amp;newsitemid=20230512005381&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=85df2805b9a533a4c6967d7f10ae8da2\">www.sec.gov<\/a>), including the Company\u2019s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, under the heading \u201cRisk Factors.\u201d This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. FSD Pharma does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.<\/p>\n<p><i>Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230512005381r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230512005381\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230512005381\/en\/<\/a><\/span><\/p>\n<p>\nZeeshan Saeed, Founder, President and Executive Co-Chairman of the Board, FSD Pharma Inc.<br \/>\n<br \/>Email: <a rel=\"nofollow\" href=\"mailto:Zsaeed@fsdpharma.com\">Zsaeed@fsdpharma.com<br \/>\n<\/a><br \/>Telephone: (416) 854-8884<\/p>\n<p>\nInvestor Relations:<br \/>\n<br \/>Email: <a rel=\"nofollow\" href=\"mailto:ir@fsdpharma.com\">ir@fsdpharma.com<\/a>, <a rel=\"nofollow\" href=\"mailto:info@fsdpharma.com\">info@fsdpharma.com<br \/>\n<\/a><br \/>Website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.fsdpharma.com&amp;esheet=53399738&amp;newsitemid=20230512005381&amp;lan=en-US&amp;anchor=www.fsdpharma.com&amp;index=3&amp;md5=265e9c91ae351ee1a446007fe718f94f\">www.fsdpharma.com<\/a><\/p>\n<p><span class=\"bwuline\">ClearThink<br \/>\n<br \/><\/span>Email: <a rel=\"nofollow\" href=\"mailto:nyc@clearthink.capital\">nyc@clearthink.capital<br \/>\n<\/a><br \/>Telephone: (917) 658-7878<\/p>\n<p><b>KEYWORDS:<\/b> North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Biotechnology General Health Pharmaceutical Health<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230512005381\/en\/1588008\/3\/400x400_FSD.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution TORONTO&#8211;(BUSINESS WIRE)&#8211; FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (\u201cFSD Pharma\u201d or the \u201cCompany\u201d), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, announces that a complaint was filed on May 1, 2023 in the United States District Court for the Southern District of Florida by GBB Drink Lab, Inc. (\u201cGBB\u201d) against FSD Pharma and its subsidiary, FSD Biosciences, Inc. (collectively, \u201cFSD\u201d). A copy of this complaint was delivered to FSD Pharma on May 9, 2023. The complaint claims that FSD breached a mutual nondisclosure agreement and misappropriation of trade &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758590","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution TORONTO&#8211;(BUSINESS WIRE)&#8211; FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (\u201cFSD Pharma\u201d or the \u201cCompany\u201d), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, announces that a complaint was filed on May 1, 2023 in the United States District Court for the Southern District of Florida by GBB Drink Lab, Inc. (\u201cGBB\u201d) against FSD Pharma and its subsidiary, FSD Biosciences, Inc. (collectively, \u201cFSD\u201d). A copy of this complaint was delivered to FSD Pharma on May 9, 2023. 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(NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (\u201cFSD Pharma\u201d or the \u201cCompany\u201d), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, announces that a complaint was filed on May 1, 2023 in the United States District Court for the Southern District of Florida by GBB Drink Lab, Inc. (\u201cGBB\u201d) against FSD Pharma and its subsidiary, FSD Biosciences, Inc. (collectively, \u201cFSD\u201d). A copy of this complaint was delivered to FSD Pharma on May 9, 2023. The complaint claims that FSD breached a mutual nondisclosure agreement and misappropriation of trade &hellip; Continue reading \"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-12T21:21:51+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230512005381r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution","datePublished":"2023-05-12T21:21:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/"},"wordCount":1171,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230512005381r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/fsd-pharma-announces-receipt-of-court-action-and-update-on-spin-out-and-distribution\/","name":"FSD Pharma Announces Receipt of Court Action and Update on Spin-Out and Distribution - 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