updated 5/4/2011 11:47:05 AM ET 2011-05-04T15:47:05

NEW YORK, May 4, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of Varian Semiconductor Equipment Associates, Inc. ("Varian" or the "Company") concerning the proposed acquisition of Varian by Applied Materials, Inc. in an all-cash transaction valued at $4.9 billion.

The investigation concerns whether the board of directors breached their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Varian shareholders will receive $63.00 in cash per share, even though Varian is experiencing tremendous revenue growth across all operating segments, with a reported second quarter 2011 total revenue of $330 million, up 61.8% from $204 million in the year-ago quarter.

Varian shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.

The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Rachelle R. Boyle
         Pomerantz Haudek Grossman & Gross LLP
         888-476-6529 (ext. 237)
         212-661-1100 (ext. 237)
         rrboyle@pomlaw.com

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