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GREAT HILL EQUITY v. SIG GROWTH EQUITY FUND

Civil Action No. 7906-CS.

80 A.3d 155 (2013)

GREAT HILL EQUITY PARTNERS IV, LP, Great Hill Investors LLC, Fremont Holdco, Inc., and BlueSnap, Inc. (f/k/a Plimus), Plaintiffs, v. SIG GROWTH EQUITY FUND I, LLLP, SIG Growth Equity Management, LLC, Amir Goldman, Jonathan Klahr, Hagai Tal, Tomer Herzog, Daniel Kleinberg, Irit Segal Itshayek, Donors Capital Fund, Inc., and Kids Connect Charitable Fund, Defendants.

Court of Chancery of Delaware.

Decided: November 15, 2013.

Attorney(s) appearing for the Case

Gregory V. Varallo, Esquire , Rudolf Koch, Esquire , Thomas A. Uebler, Esquire , Robert L. Burns, Esquire , Richards, Layton & Finger, P.A., Wilmington, Delaware, Stephen D. Poss, Esquire , Kathryn L. Alessi, Esquire , Adam Slutsky, Esquire , Goodwin Procter LLP, Boston, Massachusetts, Attorneys for Plaintiffs Great Hill Equity Partners IV, LP, Great Hill Investors LLC, Fremont Holdco, Inc., and BlueSnap, Inc. (f/k/a Plimus).

David J. Margules, Esquire , Bouchard Margules & Friedlander, P.A., Wilmington, Delaware, Attorneys for Defendants SIG Growth Equity Management, LLC, SIG Growth Equity Fund I, LLLP, Amir Goldman, Jonathan Klahr, Donors Capital Fund, Inc., Kids Connect Charitable Fund, Daniel Kleinberg, and Tomer Herzog.

David S. Eagle, Esquire , Sean Brennecke, Esquire , Klehr Harrison Harvey Branzburg LLP, Wilmington, Delaware, Attorneys for Defendants Hagai Tal and Irit Segal Itshayek.

OPINION

STRINE, Chancellor.

The plaintiffs, Great Hill Equity Partners IV, LP, Great Hill Investors LLC, Fremont Holdco, Inc., and BlueSnap, Inc. (for clarity, collectively the "Buyer"), have filed this suit alleging that the defendants, former shareholders and representatives of Plimus, Inc. (for clarity, collectively the "Seller"), fraudulently induced the Buyer to acquire Plimus, Inc. ("Plimus") in September 2011...

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