Medical isotope developer IsoRay and its former CEO have signed an agreement to settle a previously disclosed class-action shareholder lawsuit.
If finalized, IsoRay would pay more than $3.5 million for the benefit of the settlement class, with funds expected to be provided entirely by its insurance carriers. The claims against IsoRay and its former CEO would also be dismissed with prejudice and released, with every member of the settlement class barred from asserting any claims alleged in the complaint or arising from the complaint, IsoRay said.
IsoRay and its former CEO said they continue to deny every claim alleged by the plaintiffs, but they have agreed to the settlement to eliminate the uncertainty, distraction, burden, and expense of future litigation. The agreement is subject to certain conditions, such as preliminary and final approval by the U.S. District Court for the Eastern District of Washington.
