NEW YORK, June 05, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against IsoRay, Inc. (“IsoRay” or the “Company”) (NYSE MKT:ISR). The class action, filed in United States District Court for the Eastern District of Washington, 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").
The actions charge IsoRay and certain of its officers with violations of sections 10(b) and 20(a) 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 the United States.
The actions allege that defendants made false and/or misleading statements regarding IsoRay’s Cesium-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 a study purportedly showing improved results using IsoRay’s Cesium-131 seeds in the treatment of lung cancer.
On May 21, 2015, TheStreet.com published an article about IsoRay, arguing that the Company had selectively edited findings from the study in order to make its Cesium-131 product appear better than it actually is. On this news, the price of IsoRay common stock fell $1.10 per share, or 35.25%, from a closing price of $3.12 on May 20, 2015, to close at $2.02 per share on May 21, 2015, on extremely heavy trading volume.
If you purchased IsoRay securities during the Class Period, you may, no later than July 21, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website www.whafh.com. All e-mail correspondence should make reference to the “IsoRay” Investigation.”
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
Source:Wolf Haldenstein Adler Freeman & Herz LLP