Clinton Group Pushes For CEO Ouster At Drugmaker XenoPort

Law360, New York (October 15, 2013, 1:26 PM EDT) -- New York-based activist hedge fund Clinton Group Inc. on Tuesday called for the ouster of California-based XenoPort Inc.'s top executive and urged the biopharmaceutical firm to bear down on a pipeline drug rather than pouring resources into a stagnating treatment for restless leg syndrome.

Clinton said it has been aggressively buying XenoPort shares, amassing a stake of about 2.7 percent to land it among the company's top 10 investors. The fund said the company could more than double its market value by making key changes —...
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