NEW YORK, June 22, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that a class action has been commenced
in the United States District Court for the Eastern District of
Washington on behalf of
shareholders (the "Class") who purchased shares of IsoRay, Inc.
("IsoRay" or the "Company") (NYSE: ISR) securities (the "Class")
between May 20, 2015 and May 21, 2015 (the "Class Period").
The complaint charges IsoRay and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. IsoRay develops, manufactures, and sells isotope-based
medical products and devices for the treatment of cancer and other
malignant diseases. In particular, the Company produces
Proxcelan Cesium-131 brachytherapy seeds, which are small devices
used in an interstitial radiation procedure and have become one of
the primary treatments of prostate cancer. IsoRay has been
seeking to expand the uses of Cesium-131 seeds to other cancer
treatments, including lung cancer, to increase potential
revenue.
On May 20, 2015, IsoRay issued a
press release touting the publication of the first major peer
reviewed study showing so-called "outstanding" results using
Cesium-131 seeds in the treatment of lung cancer, including a 96
percent success rate in local control (control of the tumor in the
lung) and 100 percent survival at five years in high risk
patients. As a result of this news, IsoRay's stock nearly
doubled in price to $3.12 per share
on May 20, 2015.
Then, on May 21, 2015,
TheStreet.com published an article by Adam Feuerstein asserting that IsoRay took
liberties with clinical data from the study by using selectively
edited findings to make its Cesium-131 product seem better than it
really was and to prop up the Company's stock price. The
article also stated that the authors of the study "do not endorse
IsoRay's Cesium-131 or call the results 'outstanding.' They
conclude that early-stage lung cancer patients may benefit from
surgery plus Cesium-131 or an alternative form of radiation therapy
compared to surgery alone." On this news, the price of IsoRay
securities dropped $1.10 per share,
to close at $2.02 per share on
May 21, 2015, a 35% decline, on
volume of 52.8 million shares.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in IsoRay securities during the Class
Period. If you invested in IsoRay securities as described
above, and lost over $100,000
(whether realized losses or unrealized losses on stock you still
hold) on the transactions, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file
appropriate papers no later than July 21,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an IsoRay
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Eastern District
of Washington.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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