A lawsuit was filed for investors in NASDAQ:XNPT shares in connection with the proposed takeover of XenoPort, Inc. and NASDAQ:XNPT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/21/2016 -- An investor in NASDAQ:XNPT shares filed a lawsuit in effort to halt the proposed takeover of XenoPort, Inc. by Arbor Pharmaceuticals, LLC for $7.03 per share.
Investors who purchased shares of XenoPort, Inc. (NASDAQ:XNPT) and currently hold any of those NASDAQ:XNPT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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.
On June 17, 2016, NASDAQ:XNPT shares closed at $7.00 per share.
Those who are current investors in XenoPort, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com