Robbins Umeda LLP Announces Investigation of XenoPort, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at XenoPort, Inc. (“XenoPort” or the “Company”) (NASDAQ: XNPT). XenoPort is a biopharmaceutical company that focuses on developing internally discovered product candidates that utilize the body’s natural nutrient transport mechanisms to enhance the therapeutic benefits of drugs. The Company was founded in 1999 and is based in Santa Clara, California.
Robbins Umeda LLP’s investigation concerns whether the Company’s directors and officers caused the Company to make materially false and misleading representations regarding XenoPort’s Phase 3 clinical program for an extended-release tablet and development stage drug called Horizant, also known as XP13512 (“512”). Specifically, Robbins Umeda LLP is investigating whether the Company’s fiduciaries caused XenoPort to mislead investors about 512, a potential treatment for moderate-to-severe primary Restless Legs Syndrome, including misleading the public about 512’s safety.
On February 17, 2010, the Company publicly disclosed that the U.S. Food and Drug Administration had declined to approve 512, with concerns about laboratory results showing pancreatic cell tumors in rats as a result of the use of the drug. Upon this news, XenoPort’s stock fell $12.93 per share to close at $6.67 per share on February 18, 2010 – a one-day decline of 66%.
If you are a shareholder of XenoPort, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.