Volcano Doesn't Owe $27M On Artery Device, Judge Hears

Law360, San Francisco (March 19, 2014, 3:35 PM EDT) -- Volcano Corp. urged a California federal judge on Wednesday to end former CardioSpectra Inc. shareholders' claims that the medical device company purposely withheld $27 million after it bought CardioSpectra's artery-imaging technology, arguing their contract never promised Volcano would pay for product development milestones the merged company didn't meet.

Volcano argued that the former shareholders' claims that they were underpaid after Volcano bought CardioSpectra don't add up. Although the merger agreement laid out four milestones for the artery-exploration product, including a bid to gain U.S. Food and Drug...
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