Forian Holdings LLC v. Symphony Health Solutions Corporation
CourtCourt of Chancery of Delaware
Date FiledOctober 12, 2026
Docket2026-0686-LWW
StatusPublished
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Full Opinion
COURT OF CHANCERY
OF THE
STATE OF DELAWARE
LORI W. WILL LEONARD L. WILLIAMS JUSTICE CENTER
VICE CHANCELLOR 500 N. KING STREET, SUITE 11400
WILMINGTON, DELAWARE 19801-3734
October 12, 2026
Michael A. Barlow, Esquire Kevin M. Gallagher, Esquire
Shannon M. Doughty, Esquire Andrew L. Milam, Esquire
Morgan R. Harrison, Esquire Saralynn G. Davis, Esquire
S. Ludwig Irveland, Esquire Richards, Layton & Finger, P.A.
Quinn Emanuel Urquhart One Rodney Square
& Sullivan LLP 920 North King Street
500 Delaware Avenue, Suite 1400 Wilmington, Delaware 19801
Wilmington, Delaware 19801
RE: Forian Holdings LLC (f/k/a Forian Inc.), et al. v. Symphony Health
Solutions Corporation, et al., C.A. No. 2026-0686-LWW
Dear Counsel,
I write regarding your submissions on the bond the plaintiffs must post in
connection with the preliminary injunction entered in this action.1
At the temporary restraining order stage, I set a bond of $437,000, which
represented two months of fees owed to the defendants under the operative Master
Services Agreement (the “MSA”).2 The plaintiffs maintain that this methodology
1
Letter Regarding Defs.’ Position on Bond (Dkt. 186) (“Defs.’ Letter”); Letter Regarding
Pls.’ Position on Bond (Dkt. 187) (“Pls.’ Letter”).
2
Letter Op. Regarding Bond (Dkt. 37) 3.
C.A. No. 2026-0686-LWW
October 12, 2026
Page 2 of 3
applies at the injunction stage and propose a bond of $874,000—four months of
MSA payments.3
The defendants, by contrast, seek a bond of $158.75 million.4 They assert this
amount protects them against a potential $133.75 million liquidated damages
obligation under an amended agreement with “Supplier A,” plus $25 million in
possible lost revenue from certain downstream customers.5
I decline to adopt the defendants’ figure. As they acknowledge, the Supplier A
agreement contains a carve-out for use-case restrictions when acting pursuant to a
court order.6 There is also no evidence that any downstream customer has threatened
to defect, nor have any negatively affected agreements been identified. A bond is
not needed to protect against inapplicable penalties or hypothetical lost customer
revenues.7
The methodology used at the TRO stage remains the most accurate economic
representation of the parties’ commercial relationship. But because the preliminary
3
Pls.’ Letter 2.
4
Defs.’ Letter 5.
5
Id. at 2-3.
6
Id. at 3.
7
See Comcast Cable Commc’ns Mgmt., LLC v. CX360, Inc., 2025 WL 79953, at *2 (Del.
Ch. Jan. 13, 2025) (declining to set a bond based upon speculative harm from customers
that could hypothetically be lost because of a status quo order).
C.A. No. 2026-0686-LWW
October 12, 2026
Page 3 of 3
injunction will maintain the status quo through trial and a post-trial decision, the
plaintiffs’ proposed four-month period is insufficient. A bond effectively caps the
damages recoverable by a wrongfully enjoined party, and so the court should “err on
the high side” in setting it.8
A nine-month period reasonably accounts for the anticipated time needed to
complete discovery, conduct trial, and issue a post-trial decision. Based on the
established baseline of $218,500 per month in MSA fees, the plaintiffs must post a
bond of $1,966,500.9 This amount provides reasonable security for the defendants’
potential damages if the injunction later proves improvidently granted. Should the
injunction remain in effect beyond that period, the defendants may move to increase
the bond amount.
IT IS SO ORDERED.
Sincerely yours,
/s/ Lori W. Will
Lori W. Will
Vice Chancellor
8
Guzzetta v. Serv. Corp. of Westover Hills, 7 A.3d 467, 470 (Del. 2010) (citing Mead
Johnson & Co. v. Abbott Lab’ys, 201 F.3d 883, 888 (7th Cir. 2000)).
9
$218,500 × 9 months = $1,966,500. If the existing $437,000 bond remains posted, the
plaintiffs need only post the difference.