Hodes v. Mohammad Emad Mostaque

CourtCourt of Chancery of Delaware
DecidedJune 15, 2026
DocketC.A. No. 2024-0015-JTL
StatusPublished

This text of Hodes v. Mohammad Emad Mostaque (Hodes v. Mohammad Emad Mostaque) is published on Counsel Stack Legal Research, covering Court of Chancery of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hodes v. Mohammad Emad Mostaque, (Del. Ct. App. 2026).

Opinion

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

CYRUS HODES,

Plaintiff,

v. C.A. No. 2024-0015-JTL

MOHAMMAD EMAD MOSTAQUE, and STABILITY AI, INC. a Delaware Corporation,

Defendants.

OPINION ADDRESSING SPOUSAL COMMUNICATIONS PRIVILEGE Date Submitted: May 19, 2026 Date Decided: June 15, 2026

Raymond J. DiCamillo, Kelly E. Farnan, RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Avi Weitzman, Jennifer Conn, Sripriya Narasimhan, Jackson Herndon, Sarah Kim, PAUL HASTINGS LLP, New York, New York; Attorneys for Plaintiff.

E. Wade Houston, Joshua D. Courtney, Chen Wang, ABRAMS & BAYLISS LLP, Wilmington, Delaware; Attorneys for Defendant Mohammad Emad Mostaque.

LASTER, V.C. Mohammad Emad Mostaque, a former hedge fund manager, and Cyrus Hodes,

a globally recognized thought leader in the artificial intelligence space, co-founded an

artificial intelligence company. They agreed that Mostaque would lead the day-to-day

operations and Hodes would use his global business connections to promote the firm.

After a year and a half, Hodes feared the business would never get off the

ground and that Mostaque had engaged in questionable behavior. He approached

Mostaque about leaving the company, and they agreed that the company could buy

Hodes’ shares. But in two transactions that took place seven months apart, Mostaque

himself purchased all of Hodes’ 1,000,000 shares for a grand total of $100.

Meanwhile, behind the scenes, Mostaque had been developing an AI-powered

technology. A few months after the repurchase, the company raised $101 million at a

$1 billion valuation.

This litigation ensued. During discovery, Mostaque invoked the spousal

privilege over text strings with his wife, who served as the company’s head of public

relations and chief operating officer. Hodes moved to compel production. This decision

grants that motion as to one text string and denies it as to the others.

I. FACTUAL BACKGROUND

The facts are drawn from the parties’ submissions in connection with the

motion to compel.1 Given the procedural posture, this decision does not make formal

1 Citations in the form of “PX ___ at ___” refer to exhibits the plaintiff filed in

support of its motion. Dkts. 147, 167. Citations in the form “DX ___ at ___” refer to exhibits the defendant filed with its opposition to the motion. Dkt. 163. Page references cite internal pagination. findings of fact. Instead, the following summary reflects how the record appears at

this stage of the proceedings for purposes of the discovery ruling.

A. The Formation Of The Company

Hodes and Mostaque met in early 2019 at the World Governance Summit.

Later that year, they began developing a business plan for an artificial intelligence

company.

In October 2020, Hodes, Mostaque, and a third co-founder incorporated

Stability AI, Inc. (the “Company”) as a Delaware corporation. Mostaque received 70%

of the equity. Hodes and the third co-founder received 15% each. They agreed that

Hodes would use his professional connections to promote the Company and secure

strategic partnerships while Mostaque ran the business as CEO.

Zehra Qureshi, Mostaque’s wife, also worked at the Company. Between 2020

and 2023, she officially held the title of Head of Public Relations and Luxury Brands.

She described herself internally and externally as the Chief Operating Officer. She

was also a director.2

Mostaque and Qureshi regularly talked about business. They often

communicated by text and email using their personal devices. Their communications

contain a mix of business and personal topics.3

2 See PX 6 at 12.

3 See, e.g., PX 7.

2 B. Hodes Decides To Leave.

For a year and a half, Hodes worked full time to help build the Company. He

invested some of his own money and contributed to the success of one of the

Company’s first projects.

Hodes alleges that although he worked diligently, Mostaque allegedly did not.

Hodes claims Mostaque was repeatedly absent from work, missed key deadlines

without explanation, and used Company funds for personal expenses.

Hodes grew increasingly frustrated with Mostaque and decided to leave the

Company. Hodes believed that the Company was essentially worthless and would

likely be wound down due to Mostaque’s poor leadership.

In mid-July 2021, Hodes approached Mostaque about exiting. Mostaque and

Hodes agreed that the Company would buy Hodes’ shares.

Instead, Mostaque bought them personally. The repurchase took place in two

transactions. In October 2021, Mostaque bought 800,000 shares from Hodes for a

total of $80. In May 2022, Mostaque bought the remaining 200,000 shares for $20. In

total, Mostaque paid $100 for 1 million shares, reflecting a price of one ten-

thousandth of a cent per share. Hodes earned no return on his investment, even after

putting substantial time and additional capital into the Company.

C. Mostaque’s Alleged Misrepresentations

Hodes alleges that a week before the October 2021 repurchase, Mostaque told

him that the Company was going to pivot to work on climate change. Hodes now

3 believes that statement was false. He claims that Mostaque had secretly decided to

focus on developing text-to-image software using generative AI, had been working on

the technology for over a year using Company resources, and expected that the

technology would be valuable.

Hodes alleges that before the May 2022 repurchase, Mostaque told Hodes that

the Company planned to support a grassroots, nonprofit research company that was

working on artificial intelligence issues. To Hodes, that meant the Company would

be moving in a direction that did not contemplate meaningful profits. Hodes now

believes that Mostaque’s statement was false. He claims that before that

conversation, Mostaque had made significant progress on the text-to-image

technology and had entered into a multimillion-dollar contract with Amazon Web

Services to secure sufficient computing power to operate the technology. He also

believes that Mostaque had created projections that envisioned $100 to $200 million

in profits and had pitched the technology to investors in April 2022 at a $100 million

valuation.

In August 2022, three months after the repurchase, the Company raised $101

million from venture capital firms at a valuation of $1 billion. The valuation hinged

on the text-to-image technology.

D. This Litigation

In January 2024, Hodes filed this action. He asserted claims for fraud (Count

I), negligent misrepresentation (Count II), breach of fiduciary duty (Count III), unjust

4 enrichment (Count IV), and quantum meruit (Count V). Mostaque and the Company

moved to dismiss all of the counts under Rule 12(b)(6).4 The court granted the motion

to dismiss as to Counts IV and V, but otherwise denied it.5

After that ruling, the parties engaged in discovery. In July 2025, the Company

produced over 47,000 documents. In December, Mostaque sought to claw back

seventeen text strings on the basis of spousal privilege. Hodes disputed the claw back,

and the parties reached an agreement on redactions for most of the text strings. Five

remain in dispute. In April 2026, Hodes moved to compel production of the remaining

text strings.

II. LEGAL ANALYSIS

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