updated 10/4/2010 1:47:18 PM ET 2010-10-04T17:47:18

ATLANTA, Oct. 4, 2010 (GLOBE NEWSWIRE) -- Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of purchasers of FalconStor Software, Inc. ("FalconStor" or the "Company") (Nasdaq:FALC) common stock who purchased shares between February 5, 2009 and September 29, 2010 (the "Class Period"). The lawsuit alleges, among other things, that the Company knew but failed to disclose that it was experiencing weakening demand for its products in violation of the federal securities laws. The lawsuit further alleges FalconStor made improper payments to at least one customer to secure a contract.

If you purchased shares of FalconStor common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than November 30, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a FalconStor investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.

Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.

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