CryoCor, Boston Scientific named in merger breach lawsuit

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CryoCor, a medical device company focused on cardiac arrhythmia treatments, reported that on May 8, two alleged holders of CryoCor common stock filed a complaint in the Superior Court of the State of California, County of San Diego, naming as defendants each member of CryoCor’s board of directors, CryoCor and Boston Scientific.

The plaintiffs purported to bring the action on behalf of a class consisting of all holders of CryoCor common stock, except the defendants and their affiliates, according to the San Diego-based company.

In their complaint, the plaintiffs allege that the CryoCor board of directors aided and abetted Boston Scientific, breaching their fiduciary duties in approving the agreement and plan of merger, dated April 15, by and among Boston Scientific Scimed, a wholly owned subsidiary of Boston Scientific, Padres Acquisition, a wholly owned subsidiary of Boston Scientific Scimed, and CryoCor.

The action seeks, among other things, an order enjoining the transaction contemplated by the merger agreement, compensatory damages in the event the transaction contemplated by the merger agreement is consummated and the reimbursement of plaintiffs’ attorney's fees and related costs of bringing the action, CryoCor said.

The complaint is styled Secondido et al. vs. CryoCor et al., Case No. 37-2008-00083630-CU-MC-CTL.