Investors Sue CryoCor to Stop Merger With Boston Scientific

CryoCor, Inc. , a medical device company focused on the treatment of cardiac arrhythmias, announced that on May 8, 2008, 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 the Board of Directors of CryoCor, CryoCor and Boston Scientific Corporation. The complaint is styled Secondido, et al. v. CryoCor, Inc., et al., Case No. 37-2008-00083630-CU-MC-CTL. Plaintiffs purport to bring the action on behalf of a class consisting of all holders of CryoCor common stock, except the defendants and their affiliates. Plaintiffs allege in their complaint that the Board of Directors of CryoCor, aided and abetted by Boston Scientific Corporation, breached their fiduciary duties in approving the Agreement and Plan of Merger, dated April 15, 2008, by and among Boston Scientific Scimed, Inc., a wholly owned subsidiary of Boston Scientific Corporation, Padres Acquisition Corp., a wholly owned subsidiary of Boston Scientific Scimed, Inc. 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. Based on its review of the complaint, CryoCor believes that the action is without merit and intends, along with the Board of Directors of CryoCor, to defend the action vigorously. SOURCE: PRNewswire-FirstCall