SAN DIEGO, May 23, 2016 /PRNewswire/ -- Shareholder rights
law firm Johnson & Weaver, LLP has launched an investigation
into whether the board members of XenoPort (NASDAQ: XNPT) breached
their fiduciary duties in connection with the proposed sale of the
Company to Arbor Pharmaceuticals, LLC.
Additional Information:
XenoPort is a biopharmaceutical company, focusing on developing and
commercializing a portfolio of product candidates for the treatment
of neurological and other disorders.
On May 23, 2016, XenoPort
announced it had signed a definitive merger agreement with Arbor
Pharmaceuticals. Under the terms of the agreement, XenoPort
stockholders will receive $ 7.03 per
share in cash.
The investigation concerns whether the XenoPort board failed to
satisfy their duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for XenoPort
shares of common stock. Nationally recognized Johnson &
Weaver is investigating whether the proposed deal price represents
adequate consideration; especially given that the price
target for one Wall Street analyst is $10.00. The 52 week high for XenoPort stock is
$7.86.
If you are a shareholder of XenoPort and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If emailing, please
include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP