Feb 1 2011
Volcano Corporation (Nasdaq: VOLC) said today that the Superior Court of Massachusetts has issued a decision that ruled in favor of Volcano and its wholly-owned subsidiary Axsun Technologies, Inc., and against LightLab Imaging, Inc., on all of LightLab's remaining claims for trade secret misappropriation. The 11-page decision also rejected LightLab's request for injunctive relief.
This ruling follows prior Court rulings, in October 2010 and December 2009, that rejected other LightLab's trade secret misappropriation claims. LightLab Imaging is a wholly-owned subsidiary of St. Jude Medical, Inc.
"We are pleased with this ruling. Along with prior court decisions issued in October 2010 and in December 2009, it confirms that that Volcano/Axsun are not using LightLab's purported trade secrets in our OCT development efforts. We intend to continue developing our OCT system, and can now do so with the reassurance that the Court concurs with our position. Volcano will continue to execute on our growth strategy of providing industry leading diagnostic and therapeutic imaging devices to improve patient outcomes," said Scott Huennekens, President and Chief Executive Officer of Volcano.
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