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BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the Board of Directors of ISTA Pharmaceuticals, Inc. (aISTAa or the aCompanya) (NASDAQ: ISTA) related to the proposed acquisition of the Company by Bausch & Lomb. The transaction is valued at approximately $500 million or $9.10 per share.

This investigation concerns whether the Board of Directors of ISTA breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $3.89 on December 15, 2011 to $8.30 on March 23, 2012. Further, at least one analyst has set a target price for the Companyas stock at $12.00 per share.

If you are a shareholder of ISTA, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].