RICHLAND, Wash., Sept. 27, 2016 /PRNewswire/ -- IsoRay, Inc.
("IsoRay") (NYSE MKT: ISR), a medical technology company and
innovator in seed brachytherapy and medical radioisotope
applications for the treatment of prostate, brain, lung, head and
neck, and gynecological cancers, today announced that on
September 23, 2016, it entered into a
Stipulation of Settlement (the "Settlement"), pursuant to which
IsoRay and IsoRay's former CEO (together, the "Defendants") have,
subject to certain conditions and approvals, agreed to settle the
previously-disclosed consolidated securities class action
litigation, In re IsoRay, Inc. Securities Litigation, Case
No. 4:15-cv-05046-LRS (the "Litigation"), pending in the U.S.
District Court for the Eastern District of Washington.
If the Settlement becomes final, among other things,
(i) the claims against the Defendants will be dismissed with
prejudice and released, such that every member of the settlement
class will be barred from asserting against the Defendants any
claims alleged in the complaint or arising from the complaint, and
(ii) a payment of $3,537,500
will be made for the benefit of the settlement class, which IsoRay
expects to be funded entirely by its insurance carriers. The
Defendants have denied and continue to deny each and all of the
claims alleged by the plaintiffs in the
Litigation. Nevertheless, the Defendants have agreed to the
Settlement to eliminate the uncertainty, distraction, burden, and
expense of further litigation.
The proposed Settlement is subject to a number of conditions,
including, among other items, preliminary and final court approval.
Details regarding any proposed Settlement will be communicated to
potential class members prior to the final court approval. At this
time, there can be no assurance that the conditions to effect the
Settlement will be met or that the settlement of the Litigation
will receive the required court approvals.
About IsoRay
IsoRay, Inc., through its subsidiary,
IsoRay Medical, Inc., is the sole producer of Cesium-131
brachytherapy seeds, which are expanding brachytherapy options
throughout the body. Learn more about this innovative Richland, Washington company and explore the
many benefits and uses of Cesium-131 by visiting www.isoray.com.
Join us on Facebook/Isoray. Follow us on Twitter @Isoray.
Safe Harbor Statement
This press release contains
"forward-looking" statements that are made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act
of 1995, regarding the prospective resolution of the Litigation.
Such forward-looking statements are based on current expectations,
are predictive in nature, and involve known and unknown risks and
uncertainties that may cause IsoRay's actual outcomes and results
to differ materially from those projected or contemplated in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the risk that the Litigation Settlement
will not be finalized or approved by the court or that other
conditions may not be met for approval. If the Settlement is not
finalized, the ultimate resolution and the impact on IsoRay cannot
be assessed. Whether or not the Settlement is approved depends on
various factors, including, but not limited to, the number of and
reasons for any potential objections to the Settlement or the
number of class members excluding themselves from the Litigation
Settlement. IsoRay can give no assurances that any results or
events projected or contemplated by its forward-looking statements
will in fact occur and IsoRay cautions you not to place undue
reliance on these statements. Unless required to do so by law,
IsoRay undertakes no duty to update these forward-looking
statements to reflect any future events, developments or
otherwise.
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SOURCE IsoRay, Inc.