It seems safe to assume that a new lead plaintiff will be coming soon to the securities class action filed against Herley Industries. That is because the current lead plaintiff, affirmed just weeks ago on September 30, 2009, is none other than Raj Rajaratnam’s Galleon Management.
The D&O Diary flagged the ruling in a post today. On September 30, 2009, U.S. Judge Juan R. Sanchez (E.D.Pa.) found that “Galleon has served as an adequate plaintiff for more than two years,” and that it had a larger financial interest in the case than the competing pension fund. Judge Sanchez found that “to appoint a new lead plaintiff at this late date would unduly disrupt the litigation process.”
As The D&O Diary writes, however, “in light of events subsequent to Judge Sanchez’s September 30 order, the litigation process in the Herley Industries case is about to be duly disrupted.”