Bernstein Liebhard LLP Announces Investigation of Offer for ISTA Pharmaceuticals, Inc.

December 16, 2011

Bernstein Liebhard LLP is investigating whether the Board of Directors of ISTA Pharmaceuticals, Inc. (“ISTA” or the “Company”) (Nasdaq: ISTA) is breaching its fiduciary duty to its shareholders in failing to embrace premium offers for the company by Valeant Pharmaceuticals International, Inc. (“Valeant Pharmaceuticals”).

As reported, ISTA shareholders would receive $6.50 in cash for each share they own. The investigation is focused on ISTA’sfailing to embrace Valeant Pharmaceuticals’ offers.

If you are interested in discussing your rights as an ISTA shareholder and/or have information relating to the matter, pleasecontact U. Seth Ottensoser at (877) 779-1414 or Ottensoser@bernlieb.com.

Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.