t65996_sc13d.htm

0001188112-09-001648.txt : 20090727 0001188112-09-001648.hdr.sgml : 20090727 20090727170627 ACCESSION NUMBER: 0001188112-09-001648 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20090727 DATE AS OF CHANGE: 20090727 GROUP MEMBERS: DANIEL J. DONOGHUE GROUP MEMBERS: MICHAEL R. MURPHY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: I FLOW CORP /DE/ CENTRAL INDEX KEY: 0000857728 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 330121984 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-41065 FILM NUMBER: 09965144 BUSINESS ADDRESS: STREET 1: 20202 WINDROW DRIVE CITY: LAKE FOREST STATE: CA ZIP: 92630 BUSINESS PHONE: 9292062700 MAIL ADDRESS: STREET 1: 20202 WINDROW DRIVE CITY: LAKE FOREST STATE: CA ZIP: 92630 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Discovery Group I, LLC CENTRAL INDEX KEY: 0001312548 IRS NUMBER: 300075077 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: (312) 265-96000 MAIL ADDRESS: STREET 1: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 SC 13D 1 t65996_sc13d.htm SCHEDULE 13D t65996_sc13d.htm

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0145
	Washington, D.C. 20549	Expires: February 28, 2009
	SCHEDULE 13D	Estimated average burden hours per response. . 14.5

Under the Securities Exchange Act of 1934

(Amendment No. )*

I-FLOW CORPORATION

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

449520303

(CUSIP Number)

Michael R. Murphy

Discovery Group I, LLC

191 North Wacker Drive

Suite 1685

Chicago, Illinois 60606

Telephone Number: (312) 265-9600

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

July 17, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 449520303

	1.	Names of Reporting Persons. Discovery Group I, LLC

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)	o
		(b)	o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With	7.	Sole Voting Power None.

	8.	Shared Voting Power 1,295,618

	9.	Sole Dispositive Power None.

	10.	Shared Dispositive Power 1,295,618

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,295,618

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 5.3%

	14.	Type of Reporting Person (See Instructions) OO

CUSIP No. 449520303

	1.	Names of Reporting Persons. Daniel J. Donoghue

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)	o
		(b)	o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization United States of America

Number of Shares Beneficially Owned by Each Reporting Person With	7.	Sole Voting Power None.

	8.	Shared Voting Power 1,295,618

	9.	Sole Dispositive Power None.

	10.	Shared Dispositive Power 1,295,618

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,295,618

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 5.3%

	14.	Type of Reporting Person (See Instructions) IN

CUSIP No. 449520303

	1.	Names of Reporting Persons. Michael R. Murphy

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)	o
		(b)	o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization United States of America

Number of Shares Beneficially Owned by Each Reporting Person With	7.	Sole Voting Power None.

	8.	Shared Voting Power 1,295,618

	9.	Sole Dispositive Power None.

	10.	Shared Dispositive Power 1,295,618

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,295,618

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 5.3%

	14.	Type of Reporting Person (See Instructions) IN

Item 1.	Security and Issuer

	This statement relates to the Common Stock, par value $0.001 per share (the “Common Stock”), of I-Flow Corporation., a Delaware corporation (the “Company”), which has its principal executive offices at 20202 Windrow Drive, Lake Forest, California 92630.

Item 2.	Identity and Background

	This statement is being jointly filed by the following persons (the “Reporting Persons”):

	Discovery Group I, LLC (“Discovery Group”) is a Delaware limited liability company primarily engaged in the business of investing in securities.

	Daniel J. Donoghue is a Managing Member of Discovery Group and of various related entities, which is his principal occupation.

	Michael R. Murphy is a Managing Member of Discovery Group and of various related entities, which is his principal occupation.

	Both Mr. Donoghue and Mr. Murphy are United States citizens.

	The business address of each of the Reporting Persons is 191 North Wacker Drive, Suite 1685, Chicago, Illinois 60606.

	During the past five years, none of the Reporting Persons have been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

Item 3.	Source and Amount of Funds or Other Consideration

	The total purchase price for the 1,295,618 shares of Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy as of July 24, 2009 was approximately $7,266,923. The source of such funds was the assets of two private investment partnerships (collectively, the “Partnerships”) over which Discovery Group exercises discretionary investment management authority, and proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Partnerships with a broker on customary terms and conditions. The Partnerships are the legal owner of all of the Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy.

Item 4.	Purpose of Transaction

	The Reporting Persons acquired beneficial ownership of the shares of Common Stock reported herein as part of their investment activities on behalf of the Partnerships. The Reporting Persons acquired the shares of Common Stock reported herein because they believe that the trading prices of the Common Stock do not adequately reflect the potential value of the Company's underlying business and assets.

	The Reporting Persons intend to review and evaluate their investment in the Common Stock on an ongoing basis and may, depending upon their evaluation of the business and prospects of the Company, or such other considerations as they may deem relevant, determine to increase, decrease, or dispose of their holdings of Common Stock. As a part of such review and evaluation, the Reporting Persons may hold discussions with the Company's management and directors, other shareholders and other interested parties.

	Except as otherwise described in this Item 4, the Reporting Persons do not have present plans or proposals that relate to or would result in any of the following (although the Reporting Persons reserve the right to develop such plans or proposals or any other plans relating to the Company and to take action with respect thereto): (i) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (ii) an extraordinary corporate transaction, such as a merger, reorganization, or liquidation, involving the Company or any of its subsidiaries; (iii) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (iv) any change in the present board of directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (v) any material change in the present capitalization or dividend policy of the Company; (vi) any other material change in the Company’s business or corporate structure; (vii) changes in the Company's certificate of incorporation, bylaws, or instruments corresponding thereto or other actions that may impede the acquisition of control of the Company by any person; (viii) causing a class of securities of the Company to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (ix) a class of equity securities of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (x) any action similar to any of those enumerated above.

Item 5.	Interest in Securities of the Issuer

	The information concerning percentages of ownership set forth below is based on 24,444,345 shares of Common Stock reported outstanding as of April 30, 2009 in the Company’s most recent Quarterly Report on Form 10-Q, for the period ended March 31, 2009.

	Discovery Group beneficially owns 1,295,618 shares of Common Stock as of July 24, 2009, which represents 5.3% of the outstanding Common Stock.

	Mr. Donoghue beneficially owns 1,295,618 shares of Common Stock as of July 24, 2009, which represents 5.3% of the outstanding Common Stock.

	Mr. Murphy beneficially owns 1,295,618 shares of Common Stock as of July 24, 2009, which represents 5.3% of the outstanding Common Stock.

	Discovery Group is the sole general partner of one of the Partnerships and has sole discretionary investment authority with respect to the other Partnership’s investment in the Common Stock. Messrs. Donoghue and Murphy are the sole managing members of Discovery Group. As a consequence, Discovery Group and Messrs. Donoghue and Murphy may be deemed to share beneficial ownership of all of the shares of Common Stock owned by both of the Partnerships.

	The transactions in Common Stock effected by the Reporting Persons during the past 60 days are set out in Exhibit 1 hereto.

	No person other than the Partnerships is known to any Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of Common Stock reported herein.

Item 6.	Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

	There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Company other than the governing documents of Discovery Group and the Partnerships, the margin loan facilities referred to under Item 3 above, the Joint Filing Agreement of the Reporting Persons with respect to this Schedule 13D included as Exhibit 2 to this Schedule 13D, and the Powers of Attorney granted by Messrs Donoghue and Murphy with respect to reports under Section 13 of the Securities Exchange Act of 1934, as amended, which Powers of Attorney are included as Exhibit 3 and Exhibit 4, respectively, to this Schedule 13D.

Item 7.	Material to Be Filed as Exhibits

	Exhibit 1:	List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing.

	Exhibit 2:	Joint Filing Agreement dated as of July 27, 2009, by and among Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.

	Exhibit 3:	Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.

	Exhibit 4:	Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

	July 27, 2009
	Date

	DISCOVERY GROUP I, LLC

	By: Michael R. Murphy*
	Signature


	Michael R. Murphy, Managing Member
	Name/Title


	Daniel J. Donoghue*
	Signature


	Daniel J. Donoghue
	Name/Title


	Michael R. Murphy*
	Signature


	Michael R. Murphy
	Name/Title


	*By: /s/ Mark Buckley
	Mark Buckley Attorney-in-Fact for Daniel J. Donoghue Attorney-in-Fact for Michael R. Murphy

Exhibit Index

Exhibit 1	List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing.

Exhibit 2	Joint Filing Agreement dated as of July 27, 2009, by and among Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.

Exhibit 3	Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.

Exhibit 4	Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.

EX-1 2 ex1.htm EXHIBIT 1 ex1.htm

EXHIBIT 1

TRANSACTIONS DURING PAST 60 DAYS

The Reporting Persons engaged in the following transactions in shares of Common Stock of the Company during the past 60 days. Such transactions involved the purchase of shares on the Nasdaq National Market System.

Date	Type	Price		Shares
5/26/2009	Purchase	$	5.16		1000
5/26/2009	Purchase		5.225		100
5/26/2009	Purchase		5.23		100
5/26/2009	Purchase		5.235		100
5/26/2009	Purchase		5.245		100
5/27/2009	Purchase		5.24		100
5/27/2009	Purchase		5.24		100
5/27/2009	Purchase		5.245		100
5/27/2009	Purchase		5.25		6020
5/28/2009	Purchase		5.16		100
5/28/2009	Purchase		5.17		1644
5/28/2009	Purchase		5.215		700
5/28/2009	Purchase		5.22		1100
5/28/2009	Purchase		5.24		780
5/28/2009	Purchase		5.245		100
5/28/2009	Purchase		5.25		9853
5/29/2009	Purchase		5.25		8652
6/3/2009	Purchase		6.00	2018
6/8/2009	Purchase		5.985		200
6/8/2009	Purchase		5.9875		600
6/8/2009	Purchase		5.99		1000
6/8/2009	Purchase		5.9925		200
6/8/2009	Purchase		5.995		100
6/8/2009	Purchase		6.00		3100
6/8/2009	Purchase		6.05		100
6/8/2009	Purchase		6.045		100
6/8/2009	Purchase		6.05		100
6/8/2009	Purchase		6.08		100
6/8/2009	Purchase		6.085		400
6/8/2009	Purchase		6.10		200
6/8/2009	Purchase		6.11		100
6/8/2009	Purchase		6.115		200
6/8/2009	Purchase		6.12		600

6/9/2009

Purchase

6.245

1659

Date	Type	Price		Shares
6/9/2009	Purchase	$	6.25		3553
6/10/2009	Purchase		6.11		100
6/10/2009	Purchase		6.115		100
6/10/2009	Purchase		6.12		700
6/10/2009	Purchase		6.125		300
6/10/2009	Purchase		6.13		1100
6/10/2009	Purchase		6.14		400
6/10/2009	Purchase		6.145		100
6/10/2009	Purchase		6.15		100
6/10/2009	Purchase		6.18		100
6/10/2009	Purchase		6.20	2000
6/10/2009	Purchase		6.2075		100
6/10/2009	Purchase		6.21		500
6/10/2009	Purchase		6.22		300
6/10/2009	Purchase		6.23		800
6/10/2009	Purchase		6.235		200
6/10/2009	Purchase		6.24		500
6/10/2009	Purchase		6.245		100
6/10/2009	Purchase		6.25		8000
6/10/2009	Purchase		6.35		10000
6/16/2009	Purchase		6.73		7091
6/16/2009	Purchase		6.74		5100
6/16/2009	Purchase		6.7425		1500
6/16/2009	Purchase		6.743		400
6/16/2009	Purchase		6.745		300
6/16/2009	Purchase		6.75		12700
6/16/2009	Purchase		6.90	2000
6/16/2009	Purchase		6.93	2100
6/16/2009	Purchase		6.94		900
6/16/2009	Purchase		6.95		1500
6/16/2009	Purchase		6.96		200
6/16/2009	Purchase		6.97		1300
6/16/2009	Purchase		6.98		1300
6/16/2009	Purchase		6.99		1000
6/16/2009	Purchase		7.00		14700
6/17/2009	Purchase		6.76		600
6/17/2009	Purchase		6.77		700
6/17/2009	Purchase		6.78		906
6/17/2009	Purchase		6.79		900
6/17/2009	Purchase		6.80		2994
6/17/2009	Purchase		6.81		1701
6/17/2009	Purchase		6.82	1948

Date	Type	Price		Shares
6/17/2009	Purchase	$	6.80		2264
6/17/2009	Purchase		6.84		2487
6/17/2009	Purchase		6.85		1100
6/17/2009	Purchase		6.88		200
6/17/2009	Purchase		6.90		300
6/18/2009	Purchase		6.45		2500
6/18/2009	Purchase		6.53		2300
6/18/2009	Purchase		6.535		1101
6/18/2009	Purchase		6.54		200
6/18/2009	Purchase		6.5425		100
6/18/2009	Purchase		6.545		200
6/18/2009	Purchase		6.55		100
6/18/2009	Purchase		6.5525		100
6/18/2009	Purchase		6.555		200
6/18/2009	Purchase		6.56		400
6/18/2009	Purchase		6.57		2500
6/18/2009	Purchase		6.58		599
6/18/2009	Purchase		6.59		800
6/18/2009	Purchase		6.5959		200
6/18/2009	Purchase		6.60		1700
6/19/2009	Purchase		6.69		1517
6/19/2009	Purchase		6.70		10700
6/19/2009	Purchase		6.71		4100
6/19/2009	Purchase		6.72	2000
6/19/2009	Purchase		6.73		300
6/19/2009	Purchase		6.74		2200
6/19/2009	Purchase		6.75		2500
6/19/2009	Purchase		6.76		1000
6/19/2009	Purchase		6.7925		2300
6/19/2009	Purchase		6.80		200
6/22/2009	Purchase		6.40		4299
6/22/2009	Purchase		6.4025		100
6/22/2009	Purchase		6.4075		600
6/22/2009	Purchase		6.41		2200
6/22/2009	Purchase		6.42		1701
6/22/2009	Purchase		6.45		1499
6/22/2009	Purchase		6.46		400
6/22/2009	Purchase		6.47		200
6/23/2009	Purchase		6.23		400
6/23/2009	Purchase		6.25		400
6/23/2009	Purchase		6.27		100
6/23/2009	Purchase		6.28		900

Date	Type	Price		Shares
6/23/2009	Purchase	$	6.29		1000
6/23/2009	Purchase		6.30		1000
6/23/2009	Purchase		6.32		100
6/23/2009	Purchase		6.33		1000
6/23/2009	Purchase		6.34		1000
6/23/2009	Purchase		6.35		1000
6/23/2009	Purchase		6.36		5000
6/24/2009	Purchase		6.11		300
6/24/2009	Purchase		6.12		800
6/24/2009	Purchase		6.15		400
6/24/2009	Purchase		6.17		1500
6/24/2009	Purchase		6.20	2000
6/24/2009	Purchase		6.215		500
6/24/2009	Purchase		6.24		100
6/24/2009	Purchase		6.245		100
6/24/2009	Purchase		6.25		800
6/24/2009	Purchase		6.28		300
6/24/2009	Purchase		6.2925		2200
6/24/2009	Purchase		6.295		1451
6/24/2009	Purchase		6.30		149
6/24/2009	Purchase		6.31		301
6/24/2009	Purchase		6.32		599
6/24/2009	Purchase		6.325		100
6/24/2009	Purchase		6.34		2400
6/24/2009	Purchase		6.35		400
6/24/2009	Purchase		6.35		1400
6/24/2009	Purchase		6.36		700
6/24/2009	Purchase		6.38		600
6/24/2009	Purchase		6.39		300
6/24/2009	Purchase		6.40		1600
6/24/2009	Purchase		6.4025		1400
6/25/2009	Purchase		6.09		500
6/25/2009	Purchase		6.10		5967
6/25/2009	Purchase		6.11		533
6/25/2009	Purchase		6.12		600
6/25/2009	Purchase		6.13		500
6/25/2009	Purchase		6.14		400
6/25/2009	Purchase		6.15		265
6/25/2009	Purchase		6.16		735
6/26/2009	Purchase		6.15		300
6/26/2009	Purchase		6.1968		572
6/26/2009	Purchase		6.20		610

Date	Type	Price		Shares
6/26/2009	Purchase	$	6.215		100
6/26/2009	Purchase		6.22		100
6/26/2009	Purchase		6.23		1694
6/26/2009	Purchase		6.235		1000
6/26/2009	Purchase		6.24		1685
6/26/2009	Purchase		6.245		1500
6/26/2009	Purchase		6.25		10211
6/26/2009	Purchase		6.255		100
6/26/2009	Purchase		6.26		600
6/26/2009	Purchase		6.27		906
6/26/2009	Purchase		6.31		100
6/26/2009	Purchase		6.32		18
6/26/2009	Purchase		6.35		1666
6/26/2009	Purchase		6.36		838
6/29/2009	Purchase		6.79		100
6/29/2009	Purchase		6.795		1400
6/29/2009	Purchase		6.80	2100
6/29/2009	Purchase		6.82	2100
6/29/2009	Purchase		6.84		2200
6/29/2009	Purchase		6.845		300
6/29/2009	Purchase		6.85		1500
6/29/2009	Purchase		6.86		400
6/29/2009	Purchase		6.88		4100
6/29/2009	Purchase		6.92		2500
6/29/2009	Purchase		6.9225		2388
6/29/2009	Purchase		6.925		2212
6/29/2009	Purchase		6.93		1095
6/29/2009	Purchase		6.94		100
6/29/2009	Purchase		6.945		100
6/29/2009	Purchase		6.95		1605
6/29/2009	Purchase		6.96		200
6/29/2009	Purchase		6.97		800
6/29/2009	Purchase		6.99		100
6/29/2009	Purchase		7.00		1400
6/30/2009	Purchase		6.94		5000
6/30/2009	Purchase		6.98		3245
6/30/2009	Purchase		6.9825		100
6/30/2009	Purchase		6.985		656
6/30/2009	Purchase		6.99		5074
6/30/2009	Purchase		7.00		7925
7/1/2009	Purchase		6.98		200
7/1/2009	Purchase		6.99		1565

Date	Type	Price		Shares
7/1/2009	Purchase	$	7.00		18671
7/1/2009	Purchase		7.03		50000
7/2/2009	Purchase		6.71		100
7/2/2009	Purchase		6.73		100
7/2/2009	Purchase		6.74		400
7/2/2009	Purchase		6.78		3000
7/2/2009	Purchase		6.79		900
7/2/2009	Purchase		6.80		6100
7/2/2009	Purchase		6.803		100
7/2/2009	Purchase		6.82		600
7/2/2009	Purchase		6.853		100
7/2/2009	Purchase		6.86		1000
7/2/2009	Purchase		6.87		300
7/2/2009	Purchase		6.88		1200
7/2/2009	Purchase		6.908		100
7/2/2009	Purchase		6.91		421
7/2/2009	Purchase		6.92		700
7/2/2009	Purchase		6.95		579
7/2/2009	Purchase		6.96		301
7/2/2009	Purchase		6.97		699
7/6/2009	Purchase		6.46		200
7/6/2009	Purchase		6.47		200
7/6/2009	Purchase		6.48		100
7/6/2009	Purchase		6.49		900
7/6/2009	Purchase		6.50		50000
7/6/2009	Purchase		6.54		800
7/6/2009	Purchase		6.55		200
7/7/2009	Purchase		6.31		300
7/7/2009	Purchase		6.32		777
7/7/2009	Purchase		6.33		300
7/8/2009	Purchase		6.20		300
7/8/2009	Purchase		6.25		800
7/8/2009	Purchase		6.26		1400
7/8/2009	Purchase		6.27		500
7/8/2009	Purchase		6.2725		100
7/8/2009	Purchase		6.2775		100
7/8/2009	Purchase		6.28		1100
7/8/2009	Purchase		6.285		610
7/8/2009	Purchase		6.29		1000
7/8/2009	Purchase		6.30		3200
7/8/2009	Purchase		6.33		1000

7/9/2009

Purchase

6.26

400

Date	Type	Price		Shares
7/9/2009	Purchase	$	6.34		1200
7/9/2009	Purchase		6.36		174
7/9/2009	Purchase		6.37		300
7/9/2009	Purchase		6.38	2026
7/9/2009	Purchase		6.40		250
7/9/2009	Purchase		6.43		1700
7/9/2009	Purchase		6.44		2550
7/9/2009	Purchase		6.45		2600
7/10/2009	Purchase		6.25		200
7/10/2009	Purchase		6.33		500
7/10/2009	Purchase		6.35		10000
7/13/2009	Purchase		6.18		100
7/13/2009	Purchase		6.26		500
7/13/2009	Purchase		6.34		856
7/13/2009	Purchase		6345		4000
7/13/2009	Purchase		6.35		1100
7/14/2009	Purchase		6.30		800
7/14/2009	Purchase		6.45	2000
7/14/2009	Purchase		6.4525		100
7/14/2009	Purchase		6.48		1500
7/14/2009	Purchase		6.495		1200
7/14/2009	Purchase		6.51		2500
7/15/2009	Purchase		6.84		16400
7/16/2009	Purchase		6.73		900
7/16/2009	Purchase		6.78		98
7/16/2009	Purchase		6.79		100
7/16/2009	Purchase		6.80		966
7/16/2009	Purchase		6.81		600
7/16/2009	Purchase		6.82		2400
7/16/2009	Purchase		6.85		1500
7/16/2009	Purchase		6.89		700
7/16/2009	Purchase		6.90		1800
7/16/2009	Purchase		6.92		3368
7/16/2009	Purchase		6.94		1632
7/16/2009	Purchase		6.95		7500
7/17/2009	Purchase		6.85		300
7/17/2009	Purchase		6.86		889
7/17/2009	Purchase		6.87		322
7/17/2009	Purchase		6.88		689
7/17/2009	Purchase		6.91		100
7/17/2009	Purchase		6.92		2594
7/17/2009	Purchase		6.925		200

Date	Type	Price		Shares
7/17/2009	Purchase	$	6.93		1800
7/17/2009	Purchase		6.9375		200
7/17/2009	Purchase		6.94		1663
7/17/2009	Purchase		6.95		2837
7/17/2009	Purchase		6.9525		100
7/17/2009	Purchase		6.965		100
7/17/2009	Purchase		6.975		100
7/17/2009	Purchase		6.98		1000
7/20/2009	Purchase		6.70		13
7/20/2009	Purchase		6.74		1114
7/20/2009	Purchase		6.745		200
7/20/2009	Purchase		6.75		10800
7/20/2009	Purchase		6.76		1000
7/20/2009	Purchase		6.80		100
7/20/2009	Purchase		6.83		500
7/20/2009	Purchase		6.89		200
7/20/2009	Purchase		6.90		400
7/21/2009	Purchase		6.55		990
7/21/2009	Purchase		6.60		4500
7/21/2009	Purchase		6.62		1000
7/22/2009	Purchase		6.61		158
7/22/2009	Purchase		6.62		200
7/22/2009	Purchase		6.63		1000
7/22/2009	Purchase		6.64		200
7/22/2009	Purchase		6.65		3600
7/22/2009	Purchase		6.66		298
7/22/2009	Purchase		6.67		89
7/22/2009	Purchase		6.70		3170
7/23/2009	Purchase		6.67		100
7/23/2009	Purchase		6.68	2100
7/23/2009	Purchase		6.70		300
7/23/2009	Purchase		6.95		5000
7/23/2009	Purchase		6.97		900
7/23/2009	Purchase		6.98		600
7/23/2009	Purchase		6.99		15137
7/23/2009	Purchase		7.00		9363

EX-2 3 ex2.htm EXHIBIT 2 ex2.htm

EXHIBIT 2

JOINT FILING AGREEMENT

The undersigned hereby agree to the joint filing of the Schedule 13D to which this Agreement is attached.

Dated: July 27, 2009

	DISCOVERY GROUP I, LLC


	By	Michael R. Murphy*
		Michael R. Murphy
		Managing Member


	Daniel J. Donoghue*
	Daniel J. Donoghue


	Michael R. Murphy*
	Michael R. Murphy


	*By:	/s/ Mark Buckley
		Mark Buckley
		Attorney-in-Fact for Daniel J. Donoghue
		Attorney-in-Fact for Michael R. Murphy

EX-3 4 ex3.htm EXHIBIT 3 ex3.htm

EXHIBIT 3

POWER OF ATTORNEY

The undersigned, Daniel J. Donoghue, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.

	/s/ Daniel J. Donoghue
	Daniel J. Donoghue

STATE OF ILLINOIS )

) SS.

COUNTY OF COOK )

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Daniel J. Donoghue, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.

	/s/ Kareema M. Cruz
	Notary Public

EX-4 5 ex4.htm EXHIBIT 4 ex4.htm

EXHIBIT 4

POWER OF ATTORNEY

The undersigned, Michael R. Murphy, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.

	/s/ Michael R. Murphy
	Michael R. Murphy

STATE OF ILLINOIS )

) SS.

COUNTY OF COOK )

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Michael R. Murphy, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.

	/s/ Kareema M. Cruz
	Notary Public