NEW YORK, June 16, 2006 (PRIMEZONE) -- A class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all securities purchasers of Herley Industries, Inc. (Nasdaq:HRLY) ("Herley" or the "Company") from October 1, 2001 to June 14, 2006, inclusive (the "Class Period").
Until a class is certified, you are not represented by counsel unless you retain an attorney.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Roy Jacobs & Associates toll-free at 1-888-884-4490 or by email at classattorney@pipeline.com.
On June 6, 2006, the Company revealed that the U.S. Attorney's office for the Eastern District in Pennsylvania had indicted the Company and its Chairman, Lee N. Blatt, on multiple charges in connection with excessive profits improperly earned by the Company on contracts with the U.S. Department of Defense.
The Complaint charges Herley and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (a) that the Company's financial results were achieved through illegal conduct, specifically, the misrepresentation of manufacturing costs on contracts with the U.S. Government and the falsification of a bid in order to win the award of a contract; (b) that the Company lacked adequate internal controls; and (c) that, as a result of the foregoing, the Company would likely be subject to enhanced governmental scrutiny, governmental fines for improper conduct, and the Company's ability to receive new contract awards from the U.S. Government and its ability to reap future revenues would be in serious doubt.
As a result of the wrongdoing, the value of the Company's shares has materially declined, wiping out millions in shareholder value.
If you are a member of the class described above, you may, not later than August 14, 2006, apply to the Court to serve as lead plaintiff of the class. You may participate whether you still hold your securities or have sold them.
Please contact Roy Jacobs & Associates for further information regarding your rights at no cost or obligation to you. We will be pleased to spend time with you and provide you with answers to your questions.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca