updated 10/4/2010 2:45:13 AM ET 2010-10-04T06:45:13

NEW YORK, Oct. 1, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that FalconStor Software, Inc. ("FalconStor" or the "Company") (Nasdaq:FALC) may have violated the federal securities laws by issuing false and misleading statements to investors about the Company's business and internal controls.

On September 29, 2010, FalconStor shocked the market when it announced that Company President, CEO and Chairman, ReiJane Huai, resigned from all his positions with the Company following his disclosure that certain improper payments were made in connection with a FalconStor contract with a customer. The Company noted that a special committee of the Board had been formed to conduct an internal investigation of these matters. FalconStor also stated that it was cooperating with law enforcement authorities regarding the same. 

As a result of these allegations, if you purchased FalconStor securities and would like further information concerning your legal rights or your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Attorney Advertising. Prior results do not guarantee a similar outcome.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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