GBB Drink Lab Files $53M Lawsuit Against FSD Pharma for Nondisclosure Contract Breach and Trade Secret Misappropriation
Fort Lauderdale, FL
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May 05, 2023 08:45 AM Eastern Daylight Time
GBB Drink Lab (“GBB” or the “Company”), maker of the world’s first formulated drink that aids in rapid blood alcohol detoxification, has announced that the Company has filed a lawsuit against FSD Pharma (NASDAQ: HUGE) (“FSD”), a publicly traded biotechnology company that operates in the pharmaceutical research and development business.
As a result of FSD Pharma’s failure to comply with a Cease-and-Desist letter sent by GBB on April 14th, 2023, the Company has subsequently filed a $53 million complaint for material breach of a mutual nondisclosure agreement and trade secret misappropriation.
Filed on May 1st, 2023, in the U.S. District Court for the Southern District of Florida, the complaint alleges that after seven months of exploring a business opportunity of mutual interest and benefit revolving around GBB’s blood alcohol detoxification drink, FSD Pharma publicly announced the misappropriation of GBB’s trade secrets to current and prospective investors in one of its press releases.
In the press release, FSD Pharma discussed the launch of a new research and development program targeting unmet medical needs for alcohol misuse and deliberately omitted the underlying misappropriation.
GBB’s lawsuit alleges that FSD Pharma used GBB’s proprietary and confidential material to raise capital, persuade iconic entrepreneurs to join its advisory board, and drive up the price of FSD Pharma’s publicly traded stock.
The Company is seeking compensatory and punitive damages as well as an injunction against FSD Pharma preventing further unlawful disclosure and use of the Company’s trade secrets.
The lawsuit has been filed in the U.S. District Court for the Southern District of Florida under the name GBB DRINK LAB, INC. v. FSD BIOSCIENCES INC. with case number: 0:23-cv-60800-AHS.
GBB has a patented formula that accelerates the process of converting alcohol to sugar in the body. By enhancing the metabolic pathways that facilitate this process, the formula can help the body clear alcohol much faster than normal. The Company has been working on a proprietary drink for several years using its patented formula.
About GBB Drink Lab
GBB Drink Lab started with a vision of making a positive impact by offering practical, evidence-based solution to reducing Blood Alcohol Content. The company’s product has been meticulously crafted to optimize your ability to sober up thus enabling you to escape an inebriated state. GBB Drink Lab leadership team includes accomplished serial entrepreneurs, a former senior executive from one of the world’s largest beverage companies, and an industry-leading expert in flavoring science and product formulation. For more information, visit https://gbbdrinklab.com/.
Media Contact
Jarrett Boon
Co-Founder, CEO, GBB Drink Lab, Inc
602-456-1555
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GBB Drink Lab
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