An investigation on behalf of current investors in VNUS Medical Technologies, Inc. (NASDAQ: VNUS), who purchased their shares before May 08, 2009, over possible breach of fiduciary duty by the board of directors of VUNS Medical.

According to the investigation by a law firm the investigation on behalf of current investors in VNUS Medical Technologies, Inc. focuses on potential shareholder claims arising out of the attempt to sell VNUS Medical Technologies. Medical products maker Covidien Ltd previously announced last Friday that it would buy VNUS Medical Technologies Inc for about $440 million, or $29 a share, in cash to expand its presence in the vascular market. The transaction, which will take the form of an all cash tender offer followed by a second-step merger, is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed by June 30, 2009. VNUS Medical Technologies, Inc. is located in San Jose, California and had $70.90million in total revenue in 2007 and $101.15million in 2008. VNUS Medical Technologies, Inc. reported a net income of $-5.52million in 2007 and $13.51million in 2008. VNUS reported on Friday a first-quarter profit of $1.9 million, or 11 cents a share, from a year-earlier loss of $420,000, or 3 cents a share. Revenue rose 31% to $24.7 million as gross margin rose to 70% from 66.1%, and it expected earnings between break-even and 1 cent a share and revenue of $22.9 million to $24.1 million. Shares of VNUS Medical Technologies, Inc. (NASDAQ: VNUS) traded recently at $28.75 per share.