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Discovery Equity Partners, LP, et al. – ‘SC 13D/A’ on 4/20/10 re: CardioNet, Inc.

On:  Tuesday, 4/20/10, at 4:46pm ET   ·   Accession #:  1188112-10-1022   ·   File #:  5-84428

Previous ‘SC 13D’:  ‘SC 13D/A’ on 4/14/10   ·   Next:  ‘SC 13D/A’ on 4/26/10   ·   Latest:  ‘SC 13D/A’ on 10/18/12

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 4/20/10  Discovery Equity Partners, LP     SC 13D/A               5:193K CardioNet, Inc.                   Toppan Vite NY Inc./FA
          Daniel J. Donoghue
          Discovery Group I, LLC
          Michael Murphy

Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to General Statement of Beneficial        HTML     79K 
                          Ownership                                              
 2: EX-1        Underwriting Agreement                              HTML     12K 
 3: EX-2        Plan of Acquisition, Reorganization, Arrangement,   HTML     13K 
                          Liquidation or Succession                              
 4: EX-3        Articles of Incorporation/Organization or By-Laws   HTML     12K 
 5: EX-4        Instrument Defining the Rights of Security Holders  HTML     12K 


SC 13D/A   —   Amendment to General Statement of Beneficial Ownership


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UNITED STATES
OMB APPROVAL
 
SECURITIES AND EXCHANGE
COMMISSION
OMB Number:
3235-0145
 
Washington, D.C. 20549
 
SCHEDULE 13D
Estimated average burden hours per response. . 14.5
 
 
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
 
CardioNet, Inc.
(Name of Issuer)
 
Common Stock, par value $0.001 per share
(Title of Class of Securities)
 
(CUSIP Number)
 
Discovery Group I, LLC
191 North Wacker Drive
Suite 1685
Telephone Number: (312) 265-9600
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
(Date of Event which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

 
CUSIP No.  14159L103
 
 
1.
Names of Reporting Persons.
Discovery Equity Partners, L.P.
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
   
(a)
 o
   
(b)
 o
 
 
3.
SEC Use Only
 
 
4.
Source of Funds (See Instructions)
WC
 
 
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o
 
 
6.
Citizenship or Place of Organization
Illinois
 
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
None.
 
8.
Shared Voting Power
1,607,417
 
9.
Sole Dispositive Power
None.
 
10.
Shared Dispositive Power
1,607,417
 
 
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,607,417
 
 
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o
 
 
13.
Percent of Class Represented by Amount in Row (11)
6.7%
 
 
14.
Type of Reporting Person (See Instructions)
PN
 

 
 

 
CUSIP No.  14159L103
 
 
1.
Names of Reporting Persons.
Discovery Group I, LLC
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
   
(a)
 o
   
(b)
 o
 
 
3.
SEC Use Only
 
 
4.
Source of Funds (See Instructions)
AF
 
 
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o
 
 
6.
Citizenship or Place of Organization
Delaware
 
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
None.
 
8.
Shared Voting Power
1,954,755
 
9.
Sole Dispositive Power
None.
 
10.
Shared Dispositive Power
1,954,755
 
 
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,954,755
 
 
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o
 
 
13.
Percent of Class Represented by Amount in Row (11)
8.2%
 
 
14.
Type of Reporting Person (See Instructions)
OO
 
 
 
 

 
CUSIP No.  14159L103
 
 
1.
Names of Reporting Persons.
Daniel J. Donoghue
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
   
(a)
 o
   
(b)
 o
 
 
3.
SEC Use Only
 
 
4.
Source of Funds (See Instructions)
AF
 
 
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o
 
 
6.
Citizenship or Place of Organization
United States of America
 
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
None.
 
8.
Shared Voting Power
1,954,755
 
9.
Sole Dispositive Power
None.
 
10.
Shared Dispositive Power
1,954,755
 
 
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,954,755
 
 
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o
 
 
13.
Percent of Class Represented by Amount in Row (11)
8.2%
 
 
14.
Type of Reporting Person (See Instructions)
IN
 
 
 

 
CUSIP No.  14159L103
 
 
1.
Names of Reporting Persons.
 
 
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
   
(a)
 o
   
(b)
 o
 
 
3.
SEC Use Only
 
 
4.
Source of Funds (See Instructions)
AF
 
 
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o
 
 
6.
Citizenship or Place of Organization
United States of America
 
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7.
Sole Voting Power
None.
 
8.
Shared Voting Power
1,954,755
 
9.
Sole Dispositive Power
None.
 
10.
Shared Dispositive Power
1,954,755
 
 
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,954,755
 
 
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o
 
 
13.
Percent of Class Represented by Amount in Row (11)
8.2%
 
 
14.
Type of Reporting Person (See Instructions)
IN
 
 
 

 
 
Item 1.
Security and Issuer
   
 
This Amendment No. 2 to Schedule 13D (“Amendment No. 2”) relates to the Common Stock, $0.001 par value per share (the “Common Stock”), of CardioNet, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at 227 Washington Street, Conshohocken, Pennsylvania 19428.  This Amendment No. 2 amends and supplements, as set forth below, the information contained in items 1, 3, 5 and 6 of the Schedule 13D filed by the Reporting Persons with respect to the Company on March 8, 2010, as amended by Amendment No. 1 thereto filed by the Reporting Persons with respect to the Company on March 24, 2010 (as so amended, the “Schedule 13D”).  All capitalized terms used herein but not defined herein have the meanings set forth in the Schedule 13D.  Except as amended by this Amendment No. 2, all information contained in the Schedule 13D is, after reasonable inquiry and to the best of the Reporting Persons’ knowledge and belief, true, complete and correct as of the date of this Amendment No. 2.
   
Item 3
Source and Amount of Funds or Other Consideration
   
 
Item 3 of the Schedule 13D is hereby amended to read in its entirety as follows:
   
 
The total purchase price for the 1,954,755 shares of Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy as of April 19, 2010 was approximately $12,842,025, and the total purchase price for the 1,607,417 shares of Common Stock beneficially owned by Discovery Equity Partners was approximately $10,406,992.  The source of such funds was the assets of Discovery Equity Partners and another private investment partnership (collectively, the “Partnerships”) over which Discovery Group exercises discretionary investment management authority, including proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Partnerships with a broker on customary terms and conditions.  The Partnerships are the legal owner of all of the Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy.
   
Item 5
Interests in the Securities of the Issuer
   
 
Item 5 of the Schedule 13D is hereby amended to read in its entirety as follows:
   
 
The information concerning percentages of ownership set forth below is based on 23,879,394 shares of Common Stock reported outstanding as of March 15, 2010 in the Company’s Proxy Statement on Schedule 14A, filed on March 30, 2010.
   
 
Discovery Equity Partners beneficially owns 1,607,417 shares of Common Stock as of April 19, 2010, which represents 6.7% of the outstanding Common Stock.
   
 
Discovery Group beneficially owns 1,954,755 shares of Common Stock as of April 19, 2010, which represents 8.2% of the outstanding Common Stock.
   
 
Mr. Donoghue beneficially owns 1,954,755 shares of Common Stock as of April 19, 2010, which represents 8.2% of the outstanding Common Stock.
   
 
Mr. Murphy beneficially owns 1,954,755 shares of Common Stock as of April 19, 2010, which represents 8.2% of the outstanding Common Stock.
   
 
Discovery Group is the sole general partner of Discovery Equity Partners and has sole discretionary investment authority with respect to the other Partnership’s investment in the Common Stock.  Messrs. Donoghue and Murphy are the sole managing members of Discovery Group.  As a consequence, Discovery Group and Messrs. Donoghue and Murphy may be deemed to share beneficial ownership of all of the shares of Common Stock owned by both of the Partnerships, while Discovery Equity Partners shares beneficial ownership with Discovery Group and Messrs. Donoghue and Murphy of only the shares of Common Stock owned by it.
 
 
 

 
 
 
The transactions in Common Stock effected by the Reporting Persons since the date of the most recent filing on Schedule 13D are set out in Exhibit 1 hereto.
 
 
 
No person other than the Partnerships is known to any Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of Common Stock reported herein.
   
Item 6.
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
   
 
Item 6 of the Schedule 13D is hereby amended to read in its entirety as follows:
   
 
There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Company other than the governing documents of Discovery Group and the Partnerships, the margin loan facilities referred to under Item 3 above, the Joint Filing Agreements of the Reporting Persons with respect to the Schedule 13D that were included as exhibits thereto, the Joint Filing Agreement of the Reporting Persons with respect to this Amendment No. 2 included as Exhibit 2 to this Amendment No. 2, and the Powers of Attorney granted by Messrs Donoghue and Murphy with respect to reports under Section 13 of the Securities Exchange Act of 1934, as amended, which Powers of Attorney are included as Exhibit 3 and Exhibit 4, respectively, to this Amendment No. 2.
 
Item 7.
Material to Be Filed as Exhibits
   
 
Exhibit 1:               List of transactions by Reporting Persons in the Company’s Common Stock since the date of the most recent filing on Schedule 13D.
   
 
Exhibit 2:               Joint Filing Agreement dated as of April 20, 2010, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.
   
 
Exhibit 3:               Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.
   
 
Exhibit 4:               Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.
 
 
 

 
Signature
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
   
 
Date
 
 
 
DISCOVERY GROUP I, LLC,
for itself and as general partner of
DISCOVERY EQUITY PARTNERS, L.P.
 
 
 
Signature
 
 
 
Michael R. Murphy, Managing Member
 
 
Name/Title
 
     
 
 
Daniel J. Donoghue*
 
 
Signature
 
 
 
Daniel J. Donoghue
 
 
Name/Title
 
     
 
 
 
 
Signature
 
 
 
 
 
Name/Title
 
     
     
 
*By: /s/ Mark Buckley
 
 
Attorney-in-Fact for Daniel J. Donoghue
Attorney-in-Fact for Michael R. Murphy
 
     
 
 
 

 
Exhibit Index

   
List of transactions by Reporting Persons in the Company’s Common Stock since the date of the most recent filing on Schedule 13D.
       
   
Joint Filing Agreement dated as of April 20, 2010, by and among Discovery Equity Partners, Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.
       
   
Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.
       
   
Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13D/A’ Filing    Date    Other Filings
Filed on:4/20/10
4/19/10
4/16/10
3/30/10DEF 14A,  SC 13D/A
3/24/10SC 13D/A
3/15/10SC 13D/A
3/8/10SC 13D
2/28/09
4/28/08
 List all Filings 
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Filing Submission 0001188112-10-001022   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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