Information About the Litigation Against BrainTap, Inc., Patrick Porter, and Cynthia Porter

On December 16, 2024 a group of investors and former executives filed a lawsuit in the United States District Court in Delaware against BrainTap, Inc. and its husband-and-wife founders, Mr. Patrick Porter and Ms. Cynthia Porter.

At the request of the Defendants, Plaintiffs’ amended complaint will be filed under seal and is not currently a public record. Public information on the case can be found on the website of the U.S. District Court for the District of Delaware. https://www.ded.uscourts.gov/ecfpacer-login-page

The case is Zaldastani, et al. v. BrainTap, Inc., et al., No. 24-1380-JLH.

From the original public filing:

“Angel and startup investing is critical to the economic lifeblood of the United States as technology-enabled companies represent most of the growth in the U.S. economy and one of its remaining durable advantages. One of the greatest barriers to the continued growth of this sector is the endemic fraud committed against angel and early-stage venture investors, which almost always occurs without consequence. This action is brought by a group of successful and seasoned angel and venture investors to say categorically that securities fraud and breaches of fiduciary duty have no place in the startup world.” (Complaint ¶ 4)