WASHINGTON, June 18, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether IsoRay, Inc. ("IsoRay" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Central District of California by another law firm on behalf of purchasers of the common stock of IsoRay (NYSE MKT:ISR) between May 20, 2015 and May 21, 2015, inclusive (the "Class Period").
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.
Specifically, the Complaint alleges that Defendants misrepresented and/or failed to disclose that: (1) IsoRay's promotional press releases took liberties with clinical data by using clever, selective editing to prop up its stock price and (2) as a result of the foregoing, IsoRay's public statements were materially false and misleading.
On May 20, 2015, the Company issued a press release titled, "IsoRay's Cesium Lung Cancer Treatment Reports 96% Success in Local Control and 100% Survival at 5 Years in High Risk Patients in Newly Published Report, Cesium-131's Outstanding Lung Cancer Results Take on Other Treatment Forms Including Stereotactic Radiation," which touted the efficacy of its lung cancer treatment using data from a recent study. In response to this release, IsoRay shares jumped from $1.61 to $3.12 on May 20 in extremely heavy trading.
On May 21, 2015, Adam Feuerstein published an article in Street Insider titled "IsoRay Takes Liberties With Lung Cancer Study Results to Prop Up Stock Price," in which he accused the Company of "tak[ing] liberties with clinical data" and misleadingly publishing only selective results of the study in order to inflate the Company's share price. As a result of this news, IsoRay shares fell from $3.12 to $2.02 on May 21.
Cohen Milstein encourages all investors who purchased IsoRay common stock between May 20, 2015 and May 21, 2015, or former employees with information concerning this matter to contact the firm.
If you are an IsoRay shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com . If you wish to serve as lead plaintiff, you must move the Court no later than July 21, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information, please visit www.cohenmilstein.com .
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq. Rhys Tucker Cohen Milstein Sellers & Toll PLLC 1100 New York Avenue, N.W. West Tower, Suite 500 Washington, D.C. 20005 Telephone: (888) 240-0775 or (202) 408-4600 Email: stoll@cohenmilstein.com ; rtucker@cohenmilstein.com
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