December 12, 2011 - The court granted the defendants' motion to dismiss with prejudice and entered a judgment on behalf of the defendants.
July 29, 2011 - The defendants filed a motion to dismiss.

June 14, 2011 - The lead plaintiff filed an amended complaint on behalf of investors who purchased XNPT common shares between May 7, 2008 and February 17, 2010. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 7, 2008 and February 17, 2010.

May 20, 2011 - The court granted the defendants' motion to dismiss.

February 18, 2011 - The defendants filed a motion to dismiss.

January 4, 2011 - The lead plaintiff filed a consolidated complaint.

November 5, 2010 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 27, 2010 - A lead plaintiff motion was filed.

September 24, 2010 - Another investor filed a complaint in the U.S. District Court for the Northern District of California on behalf of investors who purchased XenoPort Inc (NASDAQ: XNPT) common shares between March 16, 2009 and May 5, 2010.

July 28, 2010 - An investor in shares of XenoPort Inc (NASDAQ: XNPT) filed a lawsuit in the U.S. District Court for the Northern District of California against XenoPort Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 5, 2009 and February 17, 2010.

XenoPort Inc, located in Santa Clara, CA is a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates, which utilizes the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs. According to the complaint the plaintiff alleges that XenoPort Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between May 5, 2009 and February 17, 2010, misleading and incomplete information about XenoPort Inc's Phase 3 clinical program for an extended-release tablet and development stage drug called Horizant (gabapentin enacarbil), also known as XP13512 ( 512 ), as a potential treatment for moderate-to-severe primary Restless Legs Syndrome ( RLS ), including that there was strong evidence of safety and indicating that it remained on track, creating an opportunity for XenoPort Inc to raise money. However, XenoPort Inc’s top management was aware that 512 had earlier shown an increased occurrence of pancreatic cancer in lab rats, so the lawsuit, and while the drug had nonetheless been approved for more serious indications, this presented a risk that the U.S. Food and Drug Administration (“FDA”) would not approve 512 for less serious maladies given the devastating impact of pancreatic cancer.

Instead of disclosing these findings, which would have affected the public's expectations about the likelihood of FDA approval, defendants repeatedly assured the public as to 512's safety and efficacy, so the plaintiff. As a result of these false and misleading statements, XenoPort In (NASDAQ: XNPT) stock traded at artificially inflated prices between May 5, 2009 and February 17, 2010, reaching a high of $24.75 per share on September 17, 2009 and permitting XenoPort Inc to complete a secondary offering in July 2009 of 2.875 million shares of XenoPort Inc (NASDAQ: XNPT) stock at $19 per share for proceeds of nearly $45 million, so the lawsuit. On February 17, 2010, after the market closed, XenoPort Inc announced that it has received a complete response letter from the FDA regarding the New Drug Application (NDA) for Horizant indicating that a preclinical finding of pancreatic acinar cell tumors in rats was of sufficient concern to preclude approval of Horizant for Restless Legs Syndrome at this time. On this news, so the lawsuit, XenoPort Inc's (NASDAQ: XNPT) stock fell $12.93 per share to close at $6.67 per share on February 18, 2010 -- a one-day decline of 65% on volume of 36.5 million shares, over 16 times the average three-month daily volume. Shares of XenoPort Inc (NASDAQ: XNPT) traded recently at $6.19 per share, down from its 52 week High of $25.42 per share. XNPT shares traded in 2007 at as high as $57.89 per share and rose in early 2008 to over $65 per share, before declining to $17.18 per share in late 2008. XenoPort Inc had to report declining revenue during the past three years. XenoPort Inc reported in 2007 Total Revenue of $113.82 million, in 2008 $42.00 million, and in 2009 $34.27 million. While XenoPort Inc was able to report a Net Income of $28.19 million in 2007, it had to report s Net Loss over the past two years, $62.54 million in 2008, and $66.33 million Net Loss in 2009.