Lieff Cabraser announces that class action litigation has been brought on behalf of investors who purchased the securities of IsoRay, Inc. (“IsoRay” or the “Company”) (NYSE: ISR) between May 20, 2015 and May 21, 2015, inclusive (the “Class Period”).
Background on the IsoRay Securities Class Litigation
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.
Contact Lieff Cabraser
If you purchased IsoRay securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 21, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
IsoRay investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of our office at 1-800-541-7358 to discuss the litigation.