Science & Technology
Science and Technology
Science and Technology 
Wed, February 9, 2011
Tue, February 8, 2011
Herley Industries, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Kratos Defense & Securities Sol
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Herley Industries, Inc. (aHerley Industriesa or aHRLYa) (NASDAQ: HRLY) related to the proposed buyout of Herley Industries by Kratos Defense & Security Solutions, Inc. (aKratosa or aKTOSa). The definitive acquisition agreement, which was announced on February 7, 2011, involves a transaction valued at approximately $270 million. Under the proposed buyout, Herley Industries shareholders will receive only $19.00 in cash for each share of Herley Industries/HRLY common stock they hold through a tender offer commencing no later than February 25, 2011.
The investigation relates to the fairness of the proposed transaction to Herley Industries shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Herley Industries for approving this transaction, and whether Herley Industriesa™ Board of Directors acted in the shareholdersa™ best interests.
Although the acquisition price offered to Herley Industries shareholders represents a premium over Herley Industriesa™ closing price the day before the merger announcement, Herley Industries shares closed at nearly $18 per share as recently as January 14, 2011. Based on these and other factors, the firms believe that the acquisition price may not be fair for Herley Industries shareholders.
If you currently own shares of Herley Industries/HRLY and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.