Herley Industries HRLY Class Action Settlement Announced In Securities Fraud Class Action Lawsuit Filed Against Herley Industries.
Herley Industries, Inc. (“Herley”) (HRLY) a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries, announced that a settlement agreement has been reached and preliminarily approved by the Court in a securities class action lawsuit originally filed against Herley Industries in 2006 in the United States District Court for the Eastern District of Pennsylvania (consolidated and styled as In re Herley Industries, Inc. Securities Litigation, Case No. 06-cv-2596 (JRS)) on behalf of a class of purchasers of Herley Industries’s securities between October 1, 2001 and June 14, 2006 for alleged violations of the federal securities laws.
The proposed Herley Industries securities fraud class action lawsuit settlement reportedly requires Herley to create a $10 million class action settlement fund to be allocated, after deduction of court-ordered expenses and counsel fees, among members of the settlement class who submit valid and timely proofs of claims.
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