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XenoPort, Inc. (NASDAQ:XNPT) Investor Lawsuit Against Acquisition By Arbor Pharmaceuticals, LLC Filed

  • If you purchased shares of XenoPort, Inc. (NASDAQ:XNPT) and currently hold any of those NASDAQ:XNPT shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
XenoPort, Inc.
Security
NASDAQ: XNPT

Case Name
XenoPort Deal Case 06/22/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

June 24, 2016 (Shareholders Foundation) - An investor who currently holds shares of XenoPort, Inc. (NASDAQ:XNPT), filed a lawsuit in effort to halt the proposed takeover of XenoPort, Inc. by Arbor Pharmaceuticals, LLC for $7.03 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:XNPT stockholders by agreeing to sell XenoPort, Inc too cheaply via an unfair process to Arbor Pharmaceuticals, LLC

On May 23, 2016, Arbor Pharmaceuticals, LLC and XenoPort, Inc. (NASDAQ:XNPT) announced that they have signed an agreement under which Arbor will acquire XenoPort for $7.03 per share in cash, or a total equity value of approximately $467 million.

However, plaintiff claims that the proposed consideration NASDAQ:XNPT shareholders will receive is grossly inadequate and undervalues XenoPort, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:XNPT shares at $10.00 per share. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:XNPT stockholders.