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.
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 (email@example.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.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP