SHAREHOLDER ALERT: Brower Piven Commences an Investigation into the Proposed Sale of XenoPort, Inc. & Encourages Investors to...
May 24 2016 - 10:10PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of XenoPort, Inc. (Nasdaq: XNPT)
(“XenoPort” or the “Company”) relating to the proposed buyout of
XenoPort by Arbor Pharmaceuticals, LLC.
Under the terms of the agreement, XenoPort shareholders are
anticipated to receive $7.03 in cash for each share of XenoPort
common stock held. The transaction may undervalue XenoPort and
would result in no real gain or a loss for many shareholders given
that the Company’s 52-week high was $7.86. The firm’s
investigation seeks to determine, among other things, whether the
Company’s Board of Directors failed to satisfy their duties to
shareholders, including whether the Board adequately pursued
alternatives to the acquisition and whether the Board obtained the
best price possible for the Company’s shares of common stock.
According to Yahoo! Finance, at least one Wall Street analyst
has issued a price target for XenoPort stock at $10.00 per
share.
If you currently own common stock of XenoPort and believe that
the proposed buyout price is too low, or you would like to learn
more about the investigation being conducted by Brower Piven,
please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
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version on businesswire.com: http://www.businesswire.com/news/home/20160524006687/en/
Brower Piven, A Professional CorporationCharles J. Piven1925 Old
Valley RoadStevenson, Maryland
21153410-415-6616hoffman@browerpiven.com
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