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Litigation: Herley Moves To Settle Class Actions

July 6, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Herley Industries, Inc. (NASDAQ: HRLY) said that an agreement has been reached and preliminarily approved by the a US district court, to settle all securities class actions originally filed in 2006 in the United States District Court for the Eastern District of Pennsylvania, consolidated at In re Herley Industries, Inc. Securities Litigation, Docket No. 06-cv-2596 (JRS).

The proposed settlement resolves any and all lawsuits filed against Herley as a result of the indictment brought in June 2006, according to the company.

Herley and certain of its current and former officers and directors were named as defendants in a class action under which the lead plaintiff sought damages in excess of $80 million on behalf of a class of purchasers of the Company's securities between October 1, 2001 and June 14, 2006 for alleged violations of the federal securities laws.

The company and the individual defendants have maintained that the claims raised in the securities class action were without merit.

As part of the settlement, Herley said that the company and the individual defendants continue to deny any wrongdoing or any other improper actions.

The terms of the settlement provide for the dismissal of the litigation against all defendants, including the company, and the creation by Herley of a $10 million settlement fund. The fund will be allocated, after deduction of court-ordered expenses and counsel fees, among members of the settlement class who submit valid proofs of claims.

Herley said that the settlement remains subject to the final approval of the court, which will convene a hearing to address this issue on September 13, 2010. Terms for distribution of the settlement fund to class members, less fees awarded by the Court to class counsel, will be contained in a notice to be sent to class members.

In connection with the settlement, Herley will record a charge to operations of $10 million during its fiscal fourth quarter.

Pennsylvania-based Herley Industries is engaged in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide.

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