Rigrodsky & Long, P.A. Announces Investigation of Applied Signal Technology, Inc. Buyout

By Avik, Gaea News Network
Wednesday, December 22, 2010

WILMINGTON (GaeaTimes.com)–Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Applied Signal Technology, Inc. (”Applied Signal” or the “Company”) (Nasdaq: APSG) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Raytheon Company (NYSE: RTN) (”Raytheon”) in a transaction valued at approximately $490 million. Click here to learn how to join the action: http://www.rigrodskylong.com/news/AppliedSignalTechnology-APSG.

Under the proposed agreement, Raytheon will commence a tender offer to purchase all of the outstanding shares of Applied Signal common stock at a price of $38.00 per share in cash.

The investigation concerns whether Applied Signal’s board of directors failed to adequately shop the Company and obtain the best price possible for Applied Signal’s shareholders before entering into the agreement with Raytheon. As recent as December 16, 2010, Applied Signal announced that revenues increased 15% over the same period in 2009.

If you own the common stock of Applied Signal and purchased your shares before December 20, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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