San Diego, CA -- (SBWIRE) -- 03/27/2012 -- The announcement by ISTA Pharmaceuticals, Inc. that its board of directors agreed a takeover of ISTA Pharmaceuticals, Inc. by Bausch + Lomb for $9.10 per NASDAQ:ISTA share prompted an investigation for investors in ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA) shares concerning whether the offer to acquire ISTA Pharmaceuticals, Inc. and the buyout process are unfair to investors in NASDAQ:ISTA shares.
Investors who purchased shares of ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA) prior to March 26, 2012, and currently hold those (or some of those) NASDAQ:ISTA shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigations by law firms concern whether certain officers and directors of ISTA Pharmaceuticals, Inc. breached their fiduciary duties owed to NASDAQ:ISTA investors in connection with the proposed acquisition.
On Monday, March 26, 2012, after the market closed, Bausch + Lomb and ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) announced that they have signed an agreement under which Bausch + Lomb will acquire ISTA Pharmaceuticals, Inc. for $9.10 per share in cash, or a total of approximately $500 million.
However, NASDAQ:ISTA traded in May 2011 as high as $11.26 per share and at least one analyst has set the high target price for NASDAQ:ISTA shares at $12 per share, thus both well above the $9.10offer.
Therefore the investigation for NASDAQ:ISTA investors concerns whether the ISTA Pharmaceuticals Board of Directors failed to undertake an adequate sales process, failed to maximize shareholder value in negotiating the best price, and failed to act in the shareholders' best interests in connection with the sale process to Bausch + Lomb.
Those who are current investors in ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA) and purchased their NASDAQ:ISTA shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego