It wouldn't surprise me at all. One of the things that we check for during technical DD is to ensure that all of the IP the company claims as theirs really is theirs. Large dumps of code into a repo just after incorporation or just after a new hire are pretty suspicious and require an explanation, such an explanation isn't always available.
Good team leads / code reviewers / laywers can be real assets because they will stop such a thing before it gets to the stage of doing significant damage to the company.
If you have a 1000x programmer on your team you may have a problem (or you've hired Fabrice).
Copyright lawsuits have one interesting property: the statue of limitations starts when you first became aware of the infringement, not when the deed was done. So you may still have a case, even today, because technically you are still unaware that the infringement happened, it may have happened, but you have no proof. If such proof ever surfaces then that would be the point in time to trigger the suit, and such proof can be obtained through the weirdest channels.
I once became aware a company had been started by an ex employee based on a large body of code that I wrote, and through sheer chance I found a tiny sliver of really hard proof. That's what set the ball rolling.