Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against IsoRay, Inc. -- ISR


NEW YORK, May 26, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased IsoRay, Inc. (“Etsy” or the “Company”) (NYSE:ISR) securities between May 20, 2015 and May 21, 2015, inclusive (“Class Period”).

The Complaint alleges that 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.  When the true details entered the market, shares of IsoRay fell $1.10 per share or over 35% to close at $2.02 per share on May 21, 2015.

On May 22, 2015, the market news website TheStreet.com published an article titled “IsoRay Takes Liberties With Lung Cancer Study Results to Prop Up Stock Price,” which reported that “To make up for the inability to deliver revenue growth -- and prop up its stock price -- IsoRay issues a lot of promotional press releases, some of which take liberties with clinical data using clever, selective editing.”  The article goes on to give the following example: IsoRay recently trumpeted a 100% survival at five years in high risk patients being treated with Cesium-131 without mentioning that the comparable five year survival rate for patients undergoing surgery alone is 98%.  

If you wish to serve as lead plaintiff, you must move the Court no later than July 21, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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