Two shareholders of stock in CryoCor Inc. who say they represent a class action have sued the company, its directors, and Boston Scientific, its potential buyer, in California court to block the sale of the company
announced last month. The suit alleges that both companies breached their fiduciary duties to shareholders when the $17.2 million deal was agreed to. It wants the deal blocked but, if that is not possible, it wants the firms to pay compensation to shareholders. CryoCor management says it will fight the suit, which it believes is without merit. CryoCor makes a disposable catheter system based on cryoablation technology.
UPDATE: The transaction was completed
on May 28. Boston Scientific did not comment on the lawsuit.