LRC served as lead bankruptcy counsel and litigation co-counsel to ReCor Medical, Inc. (“ReCor”), an emerging medical device company, assisting Wilson Sonsini Goodrich & Rosati and Knobbe, Martens, Olson & Bear LLP as litigation counsel, in the Chapter 11 bankruptcy case (the “Bankruptcy Case”) of ProRhythm, Inc. (“ProRhythm”) in the United States Bankruptcy Court for the District of Delaware and related litigation in the Delaware Court of Chancery (the “Chancery Action”). LRC advised ReCor in the Bankruptcy Case in connection with ReCor’s acquisition of certain of ProRhythm’s assets, including certain intellectual property relating to the treatment of hypertension through renal denervation, pursuant to an asset purchase agreement (the “APA”) and sale pursuant to section 363 of the Bankruptcy Code. Following dismissal of the Bankruptcy Case, ReCor learned that ProRhythm’s former CEO Reinhard Warnking (“Warnking”), and his new business venture, Sound Interventions, Inc. (“SII”) had misappropriated certain intellectual property that ReCor had purchased from ProRhythm in the Bankruptcy Case. LRC advised ReCor on all aspects of the Bankruptcy Case including enforcing its rights under the APA.
Following the conclusion of the Bankruptcy Case, LRC served as litigation co-counsel in the related Chancery Action. On April 2, 2013, ReCor filed its complaint seeking (i) declarations that, due to its rights as a purchaser under the APA and other legal theories, the renal denervation technology rightfully belonged to ReCor, and (ii) a permanent injunction requiring Warnking and SII to return the technology to ReCor and refrain from making further use of the technology. Following a September 2012 trial, Warnking was found to have conceived of certain technology while he was ProRhythm’s CEO. As a result, the technology was to have been transferred to ReCor pursuant to the APA. ReCor was awarded a permanent injunction and was awarded its attorneys’ fees. LRC actively assisted and advised ReCor at all stages of the Chancery Action, including discovery, pre-trial proceedings, trial and post-trial proceedings.
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