NEW YORK, July 30, 2006 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of all purchasers of Herley Industries, Inc. ("Herley" or the "Company") (Nasdaq:HRLY) securities between October 1, 2001 and June 14, 2006, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Herley's financial results and business prospects. The complaint further alleges that Herley failed to disclose, among other things, that: (a) 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) the Company lacked adequate internal controls; and (c) as a result, the Company would likely be subject to enhanced governmental scrutiny and/or fined for improper conduct, thus hampering the Company's ability to receive new contract awards from the U.S. Government. On June 6, 2006, Herley's stunned investors when it revealed that the U.S. Attorney's office indicted the Company and its Chairman, Defendant Blatt on multiple charges in connection with excessive profits improperly earned by the Company on three contracts with the U.S. Department of Defense. In response to these disclosures, Herley's stock price dropped to a 52 week low of $9.21 per share on June 14, 2006.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Herley securities between October 1, 2001 through June 14, 2006, inclusive, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Herley securities during the Class Period, and sustained damages, you may, not later than August 14, 2006, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Anthony Vozzolo, Esq. Faruqi & Faruqi, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca