Not at all saying that any unlawful discrimination happened her, just that this may be the base for a lawsuit, eave if she was on a at-will contract.
Don't like someone's race -- nod-nod-wink-wink => "restructuring"
Don't like their sexual orientation -- nod-nod-wink-wink => "tough economic times"
Don't like the color of their shoes -- nod-nod-wink-wink => "pivoting"
And so on. It can just never be in writing or said explicitly. As long as there is a non-verbal or codified protocol between the owners (managers).
To prove anything is an uphill battle -- have to really establish a pattern, as in "20 people were laid off, last year, 25 were hired, all those laid off were of this race". Stuff like that.
I don't think that dispute would be successful in this case, where some demonstrably poor judgment with predictable consequences was used, but IANAL.
Edit: but as pointed out below, this company is in CO.
SendGrid received quite allot of customer complaints about her. Customers were quitting them, and/or making threats of going to a competitor. Then they got DDoSed over this.
Also, if I'm not mistaken, they are located in a - http://en.wikipedia.org/wiki/At-will_employment - state.