Financial Fraud News

Herley Industries Settles Civil Lawsuit With 9.5MM Payout

Monday, May 5th, 2008 |

After months of legal wrangling, the defense contracting company Herley pled guilty to two counts of financial impropriety and agreed to pay the Federal Government 9.5 million USD to settle a civil lawsuit.

Once the company agreed to pay 6MM in penalties and 3.5MM in fine, the government not only dropped over 30 other counts against the company but also withdrew its lawsuit against them.

Herley was accused of making false and fraudulent statements that misled government industries into overpaying for their defense contractor services. News of the settlement drew sharp criticism from those in the industry, but the stock market applauded and sent Herley stock soaring up 20% on Monday.

http://www.centralpennbusiness.com/article.asp?aID=66005

Source: Central Penn Business Journal

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Posted in Civil Lawsuits, Financial Fraud | No Comments »

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