NEW YORK, Dec. 16, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of ISTA Pharmaceuticals, Inc. ("ISTA" or the "Company") (Nasdaq: ISTA) for possible breaches of fiduciary duty and other violations of state law in connection with the Company's rejection of a merger proposal by Valeant Pharmaceuticals International, Inc. (NYSE: VRX). Under the terms of the transaction, ISTA shareholders would have received $6.50 per share of ISTA stock they own.
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The investigation concerns whether the Board of ISTA is acting in ISTA shareholders' best interests by rejecting the proposal. ISTA stock currently has a negative book value and closed at only $3.89 per share on December 15, 2011.If you own common stock in ISTA and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com. Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP