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Derivatives lawsuit stayed against Intuitive Surgical

Mon, 07/23/2012 - 11:33am
Mass Device

Intuitive Surgical and a group of shareholders agree to stay a derivatives lawsuit filed in California accusing the company and its management of breaching their fiduciary duties.

Intuitive Surgical

Intuitive Surgical (NSDQ:ISRG) and some of its shareholders agreed to stay a lawsuit filed against the medical device company over allegedly misleading statements made during the height of the economic downturn in 2008 and 2009.

The lawsuit, filed in the Superior Court of California for Santa Clara County, was stayed July 11 by Judge James Kleinberg, according to court documents and an SEC filing.

A stockholder filed a lawsuit in August 2010, according to the regulatory filing, followed by an "essentially identical" suit filed a month later. In October of that year, Kleinberg combined the cases.

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