NEW YORK, July 8, 2010 (GLOBE NEWSWIRE) -- Scott+Scott LLP is investigating potential legal claims available to investors in XenoPort, Inc. (Nasdaq:XNPT) related to the Company's representations regarding the safety and marketability of XenoPort's lead drug candidate between September 16, 2008 and February 17, 2010.
If you currently own XenoPort stock purchased between September 16, 2008 and February 17, 2010 and would like additional information regarding this investigation or if you have information regarding the allegations against the Company, please contact Scott+Scott at (800) 704-6694. There is no cost or fee to you.
XenoPort, based in Santa Clara, California, operates as a biopharmaceutical company focused on the development and commercialization of pharmaceuticals that utilize the body's nutrient transport mechanisms to enhance the therapeutic benefits of existing drugs.
Horizant is a drug developed by XenoPort for the treatment of moderate-to-severe primary restless leg syndrome, a condition that is characterized by an irresistible urge to move one's body to stop uncomfortable or odd sensations. Horizant is licensed to GlaxoSmithKline in the United States and several other countries. During the relevant time frame, XenoPort touted to analysts and investors the safety and efficacy of Horizant, which had been submitted to the U.S. Food and Drug Administration for approval.
However, on February 17, 2010, XenoPort disclosed that the Company had received a response letter from the FDA concerning the New Drug Application for Horizant. The letter stated that a preclinical finding of pancreatic acinar cell tumors in rats was of sufficient concern to preclude approval of Horizant. In response to this announcement, the price of XenoPort shares dropped from $19.60 to $6.67, or 66%, in a single trading day.
Scott+Scott possesses significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and is currently litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.