Levi & Korsinsky is investigating the Board of Directors of Applied Signal Technology, Inc. (“Applied Signal” or the “Company”) (NasdaqGS: APSG) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Raytheon Company (“Raytheon”) (NYSE: RTN).

New York, NY, January 13, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Applied Signal Technology, Inc. (“Applied Signal” or the “Company”) (NasdaqGS: APSG) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Raytheon Company (“Raytheon”) (NYSE: RTN). Under the terms of the transaction, Raytheon will acquire Applied Signal in a cash tender offer of $38.00 per share, with a total transaction value of approximately $490 million.

Click here to learn how to join the action: http://goo.gl/DMr5Z, or call: 877-363-5972.

The investigation concerns whether the Applied Signal Board of Directors breached their fiduciary duties to Applied Signal stockholders by failing to adequately shop the Company before entering into this transaction and whether Raytheon is underpaying for Applied Signal shares, thus unlawfully harming Applied Signal stockholders.

If you own common stock in Applied Signal and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://goo.gl/DMr5Z.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com