New Enterprise Associates Inc. cannot escape a shareholder lawsuit accusing the venture capital giant of exploiting its control of a medical device company in order to secure other deals for its own benefit, the Delaware Court of Chancery has ruled.

Chancellor Andre G. Bouchard on Monday said an investor in Advanced Cardiac Therapeutics Inc. had cleared early pleading hurdles in the case, asserting direct and derivative claims against NEA and members of the ACT board in connection with a series of corporate transactions in 2014.