Quantum BioPharma has successfully defended itself in a complex legal dispute with its former CEO, Dr. Raza Bokhari, securing significant legal victories in both Canadian and U.S. courts. The Court of Appeal for Ontario fully dismissed a reconsideration motion by Bokhari, who was terminated for cause in 2021.
Previously, Bokhari lost an arbitration claiming wrongful dismissal, resulting in a total cost award of approximately C$2.81 million plus interest. Additional court-awarded costs have increased the total amount due to over C$3 million. The company has already initiated U.S. collection proceedings, with a judgment entered in its favor by the U.S. District Court for the Eastern District of Pennsylvania.
Despite these setbacks, Bokhari's appeal remains ongoing, currently stayed and backed by a supersedeas bond exceeding $2.8 million. This legal resolution demonstrates Quantum BioPharma's commitment to protecting its corporate interests and maintaining accountability within its leadership.
The outcome represents a significant vindication for the company, ensuring financial recovery and reinforcing its governance standards in the competitive biopharmaceutical industry.
