Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of ISTA Pharmaceuticals, Inc. (“ISTA”) (NASDAQ: ISTA) to Bausch + Lomb for shareholders. Under the proposed transaction, ISTA shareholders will receive only $9.10 in cash for each share of ISTA stock owned, which is well below the 52-week high of $11.39 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction with a total equity value of approximately $500 million. The deal is expected to close in the second quarter of 2012.
The investigation centers on whether ISTA shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues ISTA stock, and whether ISTA board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to Yahoo! Finance, at least one analyst has stated that the true inherent value of ISTA may be as high as $12.00 per share, far higher than the current price being offered to shareholders. According to shareholder rights attorney Willie Briscoe, “Based on the lack of a significant premium to ISTA shareholders and the fact that the sale price is well below the median target price set by analysts, the firms believe that the buyout price may not be fair to ISTA shareholders. Our proposed shareholder lawsuit seeks to obtain the highest share price for all shareholders.”