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In re Herley Industries Inc.
USDC ED Pennsylvania
Management Turmoil
Defense Contracting Fraud; Post-Tellabs
Background
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 Company
background
Litigation
background
- In re Herley Industries Inc.
- USDC E Pennsylvania 06-2596
- Hon. Juan R. Sanchez
- Filed 6.15.06
Lead
plaintiffs
- Galleon Management L.P.
- Norfolk County Retirement System
SEC
disclosure
- Form 10-Q
6.12.08 At page 23
In June and July 2006, the Company was served with several class-action
complaints against the Company and certain of its officers in the United States
District Court for the Eastern District of Pennsylvania. The claims are made
under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder. All defendants in the class-action complaints filed motions to
dismiss on April 6, 2007.
On July 17, 2007, the Court issued an order denying the Company's and Mr.
Blatt's motion to dismiss and granted, in part, the other defendants' motion to
dismiss. Specifically, the Court dismissed the Section 10(b) claim against the
other defendants and denied the motion to dismiss the
Section 20(a) claim against them. On July 18, 2007, the Court granted
defendant's motion to stay these actions until after the trial of the criminal
matter referenced above. On February 8, 2008, the Court issued an Order allowing
for certain document discovery to commence. On May 9, 2008,
the Court lifted the stay. A Scheduling Order has now been entered requiring the
parties to complete discovery by January 2009. At this stage of the proceedings,
it is not possible to predict what, if any, liability the Company may have from
the Securities Class Actions.
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Lead Plaintiff Appointment
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Opinion
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Claims
Motion to Dismiss Denied
SEC_CODE_REF_0090001192884
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Motion to dismiss
Post-Tellabs
filings
Opinion
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Motion for Class Certification Pending
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Motion
to certify
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Counsel
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Lead
plaintiff
- Kirby McInerney
- Labaton Sucharow
Company
defense
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Related Topics
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