Robbins Umeda LLP Announces an Investigation of the Acquisition of Applied Signal Technology, Inc. by Raytheon Company

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Applied Signal Technology, Inc. (“Applied Signal” or the “Company”) (NASDAQ: APSG) in connection with their efforts to sell Applied Signal to Raytheon Company (“Raytheon”) (NYSE: RTN).  The transaction will be accomplished through an all-cash tender offer and one-step merger.  If the transaction is completed, Applied Signal shareholders will receive $38.00 in cash for each share of Applied Signal common stock they hold.  The transaction is expected to be completed in the first quarter of 2011.

Robbins Umeda LLP’s investigation concerns whether Applied Signal’s Board undertook a fair process to obtain fair consideration for all shareholders of Applied Signal.  Specifically, our investigation concerns whether members of the Company’s Board breached their fiduciary duties to Applied Signal shareholders by failing to adequately shop the Company before entering into the transaction with Raytheon.

If you are a shareholder of Applied Signal, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsarroyo.com.

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