Intermagnetics General Corp.

A class action lawsuit filed against Intermagnetics General Corp. by its shareholders allege that the directors of Intermagnetics breached their fiduciary duties by failing to publicly announce an open bidding process or otherwise seek additional officers to acquire Intermagnetics, and by failing to provide full disclosure to certain material financial information. The suit seeks to block the $1.3 billion sale of Intermagnetics to Royal Philips Electronics of Holland. Intermagnetics produces patient monitors through its Medical Devices division and imaging systems components through its MRI division.