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Law Office of Jonathan M. Stein, P.L., Investigates Possible Breach of Fiduciary Duty by the Board of Herley Industries, Inc.

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  Published in Science and Technology on Tuesday, February 8th 2011 at 18:20 GMT by Market Wire
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BOCA RATON, Fla.--([ BUSINESS WIRE ])--The Law Office of Jonathan M. Stein, P.L. is investigating the Board of Directors of Herley Industries, Inc. ("Herley" or the "Company") (Nasdaq: HRLY) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS). Under the terms of the proposed transaction, Herley shareholders are to receive $19.00 in cash for each share of Herley common stock, for a total value of approximately $270 million.

The investigation involves whether the Board of Directors of Herley breached their fiduciary duties to Herley stockholders by failing to adequately shop the Company before agreeing to enter into the transaction and whether Herley has disclosed all material information to shareholders about the proposed transaction. Specifically, over the past year, Herley shares have increased over 52% from February 8, 2010 to January 14, 2011. Further, the stock traded at over $18.00 per share only three weeks ago, making the offer only a 5% premium to the recent trading price.

If you own stock in Herley and wish to obtain additional information about your rights, or if you have information regarding the above investigation, please contact Jonathan M. Stein, Esq. either via email at [ jstein@jonathansteinlaw.com ] or by telephone at (561) 961-2244.

The Law Office of Jonathan M. Stein, P.L.represents shareholders and consumers in complex litigation, including class action and derivative litigation. More information about the firm is available through its website, [ www.jonathansteinlaw.com ], and upon request from the firm. Jonathan M. Stein is the attorney responsible for the content of this release.