MicroVention Announces Settlement Against Former Employees for Trade Secret Misappropriation and Breach of Contract Among Other Claims

MicroVention, a fully owned subsidiary of Terumo Corporation, announced today that the United States District Court for the Central District of California has issued an injunction permanently enjoining defendants David Ferrera, Nguyen (“Jake”) Le and Michelle Tran, former employees of MicroVention (“defendants”), from using, disclosing, or possessing any MicroVention trade secret information or confidential information and requiring that they undergo certain trade secret remediation protocols to remedy the harm to MicroVention.

MicroVention sued the defendants for Trade Secret Misappropriation and Breach of Contract among other claims in 2020 related to defendants’ unlawful misappropriation of MicroVention’s trade secrets related to its embolic coils system, access catheters and guidewires used to treat aneurysms. In addition to the permanent injunction, the Court rendered a Consent Judgment noting that when Ferrera, Le and Tran left their employment with MicroVention they violated their obligations and agreements of confidentiality by taking with them significant amounts of MicroVention files relating to MicroVention’s products and business, and that Ferrera misappropriated MicroVention’s trade secrets. The Court concluded that MicroVention is entitled to recover from defendants a substantial monetary payment, as reflected in a separate settlement agreement. The Court also entered sanctions orders against some of the defendants related to spoliation of evidence.

“At MicroVention, we hold the principles of innovation, integrity, and respect for intellectual property in the highest regard. Our recent legal actions are a testament to our unwavering commitment to protect our own intellectual property rights. However, our dedication extends beyond the confines of our own interests; we actively advocate for the respect of intellectual property rights throughout the industry,” said Carsten Schroeder, President and CEO of MicroVention. “This commitment to ethical business practices and intellectual property protection is foundational to fostering a fair and competitive market. It ensures that groundbreaking medical technologies continue to evolve and reach those in need, underpinning our mission to be an industry leader in the creation and commercialization of innovative neuroendovascular technologies that provide a meaningful improvement in patient lives.”

The case is MicroVention, Inc. v. Balt, Inc. et al., Case 8:20-cv-02400-JLS-KES, in the United States District Court for the Central District of California.

About MicroVention, Inc.

Founded in 1997, MicroVention develops and markets medical devices that enable or significantly improve treatment of cerebrovascular diseases. In 2006, Terumo Corporation, a major worldwide medical device company headquartered in Tokyo, Japan, acquired MicroVention into their family of Companies. Terumo’s acquisition of MicroVention allowed both Companies to leverage their unique, proprietary technologies toward an increased focus on treating cerebrovascular diseases. Headquartered in California, MicroVention products are today sold in more than seventy countries through a direct sales organization alongside strategic distribution partnerships. Manufacturing facilities are in Aliso Viejo, California and San José, Costa Rica. For more information on MicroVention, please visit www.microvention.com.

About Terumo Corporation

Terumo (TSE:4543) is a global leader in medical technology and has been committed to "Contributing to Society through Healthcare" for 100 years. Based in Tokyo and operating globally, Terumo employs more than 30,000 Associates worldwide to provide innovative medical solutions in more than 160 countries and regions. The company started as a Japanese thermometer manufacturer and has been supporting healthcare ever since. Now, its extensive business portfolio ranges from vascular intervention and cardio-surgical solutions, blood transfusion and cell therapy technology, to medical products essential for daily clinical practice. Terumo will further strive to be of value to patients, medical professionals, and society at large. For more information on Terumo, please visit www.terumo.com/about/profile.

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