RICHLAND, Wash., June 2, 2016 /PRNewswire/ -- IsoRay, Inc. (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 provides an update on its pending securities lawsuit (In re IsoRay, Inc. Securities Litigation).
On May 12, 2016, a hearing on the motion brought by counsel for IsoRay, Inc. to dismiss the securities lawsuit against the Company was held at the United States District Court for the Eastern District of Washington in Yakima, WA before Senior Judge Lonny R. Suko.
On June 1, 2016, Judge Suko entered an order denying IsoRay's motion to dismiss, holding that the complaint's allegations, if accepted as true, state a plausible claim to relief. The order did not adjudicate the merits of the lawsuit. No other issues were decided in the ruling. A trial date has not yet been set.
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 news release provides an update on the status of the pending litigation, and there can be no assurance as to the outcome of the litigation. Any statements in this news release about IsoRay's future expectations with respect to the pending litigation, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as the claims made in the litigation, the complexities and expense of litigation, the uncertain nature of litigation and judicial processes, future developments with respect to the filed claims, the potential perceptions of the Company's current and future customers regarding the litigation, and other risks detailed from time to time in IsoRay's reports filed with the SEC. Unless required to do so by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE IsoRay, Inc.