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CARSANARO v. BLOODHOUND TECHNOLOGIES, INC.

C.A. No. 7301-VCL.

65 A.3d 618 (2013)

Joseph A. CARSANARO, Samir Abed, Aaron Seib, Aldo Kiamtia, and Barry Taylor, Plaintiffs, v. BLOODHOUND TECHNOLOGIES, INC., Gary G. Twigg, Patrick E. Kennedy, Noro-Moseley Partners V, L.P., Noro-Moseley Partners V-B, L.P., Moseley and Company V, LLC, Allen S. Moseley, Wakefield Group III, LLC, George M. Mackie, IV, David Gilroy, Michael Elliot, The North Carolina Bioscience Investment Fund, L.L.C., Eno River Capital, L.L.C., Daniel Egger, Michael Moran, William F. Chastain, Jr., Ron G. Roma, and Kevin R. Brown, Defendants.

Court of Chancery of Delaware.

Decided: March 15, 2013.

Attorney(s) appearing for the Case

Sidney S. Liebesman , Montgomery, McCracken, Walker & Rhoads, LLP, Wilmington, Delaware; James A. Roberts, III , Brooke N. Albert , Lewis & Roberts, PLLC, Raleigh, North Carolina; Gary V. Mauney , Lewis & Roberts, PLLC, Charlotte, North Carolina; Attorneys for Plaintiffs.

Raymond J. DiCamillo , John D. Hendershot , Nicole C. Bright , Kevin M. Gallagher , A. Jacob Werrett , Richards, Layton & Finger, P.A., Wilmington, Delaware; Attorneys for Defendants Bloodhound Technologies Inc., Gary G. Twigg, Patrick E. Kennedy, Noro-Moseley Partners V, L.P., Noro-Moseley Partners V-B, L.P., Moseley and Company V, LLC, Allen S. Moseley, Wakefield Group III, LLC, George M. Mackie, IV, David Gilroy, Michael Elliot, Daniel Egger, Michael Moran, William F. Chastain, Jr., Ron G. Roma, and Kevin R. Brown.

OPINION

LASTER, Vice Chancellor.

Bloodhound Technologies, Inc. ("Bloodhound" or the "Company") created web-based software applications that allowed healthcare providers to monitor claims for fraud. The plaintiffs are five software developers, including Bloodhound's founder, who contend that their years of hard work laid the foundation for the Company's success. All held common stock. They claim that after...

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