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Herley Industries, Inc.
Herley Announces Settlement Agreement with U.S. Government
May 25th, 2008
Herley Industries, Inc. (NASDAQ:HRLY) announced that it has reached a court approved settlement with the U.S. Government on all existing criminal and civil claims. These claims include (a) the criminal indictment against the Company which had been scheduled for trial on May 5, 2008 with respect to a contract for the sale of voltage control oscillators in January 2001 and two contracts involving the sale of power heads to the U.S. Government in April 2002 and October 2002, respectively; (b) the civil action by the U.S. Government against the Company based on alleged excessive profits on these three contracts; and ( c ) any future U.S. Government action against the Company arising from...
Source: Pharma Investments, Ventures & Law Weekly (2008-05-25)
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