Volcano Tentatively Exits Investor Suit Over $27M Payouts

Law360, New York (July 30, 2012, 3:35 PM EDT) -- A California federal judge on Friday tentatively tossed claims by shareholders of the former CardioSpectra Inc. that medical device company Volcano Corp. purposely withheld from them $27 million in deferred payments after it bought the company, but gave investors leave to amend the complaint.

So far, the plaintiffs have not crafted their complaint in a way that can bring a decision in their favor, U.S. District Judge Yvonne Gonzalez Rogers said. For the case to move forward, the shareholders must better show how Volcano shirked its...
To view the full article, register now.




Case Information

Case Title

Former Shareholders of CardioSpectra, Inc. v. Volcano Corporation and Does 1-10

Case Number



California Northern

Nature of Suit

Contract: Other


William H. Orrick

Date Filed

March 27, 2012

Law Firms


Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.