IsoRay (ISR) Enters Class Action Stipulation of Settlement
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IsoRay, Inc. (NYSE: ISR) announced that on September 23, 2016, it entered into a Stipulation of Settlement (the "Settlement"), pursuant to which IsoRay and IsoRay's former CEO (together, the "Defendants") have, subject to certain conditions and approvals, agreed to settle the previously-disclosed consolidated securities class action litigation, In re IsoRay, Inc. Securities Litigation, Case No. 4:15-cv-05046-LRS (the "Litigation"), pending in the U.S. District Court for the Eastern District of Washington.
If the Settlement becomes final, among other things, (i) the claims against the Defendants will be dismissed with prejudice and released, such that every member of the settlement class will be barred from asserting against the Defendants any claims alleged in the complaint or arising from the complaint, and (ii) a payment of $3,537,500 will be made for the benefit of the settlement class, which IsoRay expects to be funded entirely by its insurance carriers. The Defendants have denied and continue to deny each and all of the claims alleged by the plaintiffs in the Litigation. Nevertheless, the Defendants have agreed to the Settlement to eliminate the uncertainty, distraction, burden, and expense of further litigation.
The proposed Settlement is subject to a number of conditions, including, among other items, preliminary and final court approval. Details regarding any proposed Settlement will be communicated to potential class members prior to the final court approval. At this time, there can be no assurance that the conditions to effect the Settlement will be met or that the settlement of the Litigation will receive the required court approvals.
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