NEW YORK, June 26, 2015 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against IsoRay, Inc. ("IsoRay" or the "Company")(NYSE MKT: ISR) and certain of its officers. The class action, filed in United States District Court, Eastern District of Washington, and docketed under 15-cv-05046, is on behalf of a class consisting of all persons or entities who purchased IsoRay securities between May 20, 2015 and May 21, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased IsoRay securities during the Class Period, you have until July 21, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
IsoRay develops, manufactures, and sells isotope-based medical products and devices for the treatment of cancer and other malignant diseases in the United States. The Company produces Proxcelan Cesium-131 brachytherapy seeds for the treatment of prostate, lung, head and neck, colorectal, brain, pelvic/abdominal, and gynecological cancers, as well as ocular melanoma. It also offers GliaSite radiation therapy system, a balloon catheter device, which is used to treat brain cancer, including primary and recurrent gliomas and metastatic brain tumors.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements regarding IsoRay's Celsium-131 isotope seeds and mesh for the treatment of non-small cell lung cancers.
On May 20, 2015, IsoRay issued a press release touting the on-line publication of the first major peer reviewed study showing improved results using IsoRay's Cesium-131 seeds in the treatment of lung cancer.
On May 21, 2015, TheStreet.com published an article on IsoRay asserting that the Company selectively edited findings from a published study in the May 20th Press Release to make its Cesium-131 product seem better than it really is.
On this news, shares of IsoRay fell $1.10 per share or over 35% to close at $2.02 per share on May 21, 2015, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP