FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, announced today that the Company was successful in its motion to dismiss the derivative claim that was filed by Mr. Maheep Goyal, a shareholder (the “Plaintiff”) on July 20, 2021 in Delaware against the Company and its directors and officers (the “Claim”). In a decision dated May 5, 2022, the Delaware court dismissed the Claim without prejudice on the grounds that Mr. Maheep Goyal, the Plaintiff, lacked standing to bring his claims.

“We have always believed that the lawsuits against the Company are frivolous in nature. We are pleased to hear that the courts of Delaware have dealt with this particular claim appropriately and are looking forward to the resolution of the Company’s remaining litigation,” said Anthony Durkacz, Interim CEO and Co-Executive Chairman of the Company.

The dismissal of the Claim marks another claim against the Company that has been successfully dismissed, following the dismissal of the joint claim filed by Mr. Edward Brennan Jr. and Huma Qamar two former FSD BioSciences employees in Pennsylvania on December 13, 2021.

About FSD Pharma

FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc. (“FSD BioSciences”), a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine (“PEA”) or FSD-PEA (formerly called FSD-201). Lucid Psycheceuticals Inc. (“Lucid”), a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH (formerly Lucid-201) and Lucid-MS (formerly Lucid-21-302). Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.

Forward Looking Information

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