Quantum BioPharma Ltd. has prevailed in a long-standing legal dispute with its former CEO, Dr. Raza Bokhari, after the Court of Appeal for Ontario fully dismissed a reconsideration motion challenging his 2021 termination.
The court's decision upholds a previous arbitration ruling that found the company's termination of Bokhari was justified. The legal proceedings have resulted in a total cost award of approximately C$3 million against Bokhari, including additional court-awarded expenses.
The pharmaceutical company has already initiated U.S. collection proceedings, securing a favorable judgment from the U.S. District Court for the Eastern District of Pennsylvania. Despite the ruling, Bokhari's appeal remains ongoing, temporarily stayed with a supersedeas bond exceeding $2.8 million.
This legal resolution represents a significant victory for Quantum BioPharma, demonstrating the company's ability to successfully defend its corporate governance decisions and protect its financial interests. The substantial monetary judgment reinforces the company's position and potentially serves as a deterrent against future legal challenges.
