Lensar Inc. Board Sued Over Opaque Deal With Mysterious Fund

An investor sued the Lensar Inc. board, seeking to push back a vote on a deal handing control of the medical device company to a little-known hedge fund with “an abysmal track record.”

The lawsuit, filed Monday, also targets the fund, North Run Capital LP. The complaint in Delaware’s Chancery Court describes North Run as “an obscure Massachusetts-based investment fund with only a handful of employees” run by two money managers who have a history of poor returns.

Public filings reveal “nothing about North Run besides it name” and little about the two men, Thomas Ellis and Todd Hammer, the ...