When military contractor Herley Industries Inc. released its proxy report earlier this year, it said that having no "financial experts" on its board's three-person audit committee was in the "best interest" of the company. But in recent months, the company and its former chairman were indicted for fraud, its outside auditors quit and its stock slumped 30 percent. Herley's current predicament serves as a good reminder to other companies of the importance of making sure that boards include financial experts.
September 15, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When Herley Industries Inc. released its proxy report earlier this year, it said that having no “financial experts” on its board’s three-person audit committee was in the “best interest” of the company. Try telling that now to the defense contractor’s battered shareholders.
In recent months, the Lancaster, Pa.-based company and its former chairman were indicted for fraud, its outside auditors quit and its stock slumped 30 percent.
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