Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) arising from its agreement for ISTA to be acquired by Bausch & Lomb for $9.10 per share. The transaction is expected to close in the second quarter 2012, subject to customary conditions.
Weiss & Lurie is investigating whether ISTA’s Board acted in the best interests of ISTA shareholders in approving this deal. The Company recently reported that net revenues for its fourth quarter 2011 were $45.1 million, an increase of 9% over its third quarter 2011, total net revenues for 2011 were $160.3 million, an increase of 2.4% from the prior year, and its non-GAAP earnings per share for 2011 was $0.25, beating analyst estimates of $0.21.
Prior to the deal announcement, certain analysts following ISTA set the target price for its stock above the offer price, with the high target being $12.00 per share. Moreover, the Company’s stock traded above the offer price of $9.10 as recently as in June 2011.
If you own ISTA shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.