MINNEAPOLIS, July 11, 2006 (PRIMEZONE) -- Charles H. Johnson & Associates announces that a lawsuit has been filed on behalf of investors in Herley Industries, Inc. ("Herley") (Nasdaq:HRLY). The suit is pending in the U.S. District Court for the Eastern District of Pennsylvania. The suit seeks recovery on behalf of investors who purchased the publicly traded securities of Herley during the period October 1, 2001 -- June 14, 2006 (the "Class Period").
According to the Complaint, Herley and its top officers defrauded persons investing in Herley securities, violating the federal securities laws. On June 6, 2006, Herley revealed that the Company and its Chairman, Lee N. Blatt, had been indicted on multiple charges, in connection with excessive profits improperly "earned" by Herley on contracts with the U.S. Department of Defense.
On June 13, 2006, the Company announced that its operations in Lancaster, Pennsylvania, Woburn, Massachusetts, Chicago, Illinois, and a subsidiary in Farmingdale, New York had been suspended from receiving new contract awards from the United States Government. Government contracts had historically accounted for approximately 25% of Herley's business.
In response to these disclosures, Herley stock plunged on very high volume, from $19.38 on June 2, 2006 to $9.21 on June 14, 2006.
If you purchased Herley securities during the Class Period of October 1, 2001 -- June 14, 2006, you may, no later than August 14, 2006, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party who acts on behalf of other class members in directing the litigation. If you sustained losses in Herley securities during the Class Period, please contact Charles H. Johnson & Associates for a more thorough explanation of the Lead Plaintiff selection process and the litigation.
If you purchased Herley securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neil Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca