ENGLEWOOD CLIFFS, N.J., June 23, 2006 (PRIMEZONE) -- Gardy & Notis, LLP has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Herley Industries, Inc. (Nasdaq:HRLY) stock during a class period of October 1, 2001 to June 14, 2006, including all purchasers of Herley stock in the company's April 25, 2002 secondary offering.
The complaint charges Herley and its co-founder Lee N. Blatt and other current and former top executive officers with violating the federal securities laws by issuing false financial statements. Herley and Blatt have been indicted on multiple charges in connection with fabricating bids in order to achieve false and excessive profits from contracts with the U.S. Department of Defense, and Herley has since disclosed that certain of manufacturing facilities have been suspended from receiving contract awards or subcontracts from the Federal Government. The price of Herley stock has dropped more than 50% as a result.
If you purchased Herley Industries, Inc. stock between October 1, 2001 and June 14, 2006 and/or purchased Herley stock in the Company's April 25, 2002 secondary offering, and have sustained damages, you may, no later than August 14, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation, and you must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit or to obtain a copy of the complaint, please contact plaintiff's counsel, Mark C. Gardy at Gardy & Notis, LLP:
Mark C. Gardy GARDY & NOTIS, LLP 440 Sylvan Avenue Englewood Cliffs, New Jersey 07632 Telephone: 201-567-7377 Fax: 201-567-7337 E-mail: mgardy@gardylaw.com Website: www.gardylaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.