updated 10/19/2010 5:45:30 AM ET 2010-10-19T09:45:30

NEW YORK, Oct. 18, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of FalconStor Software, Inc. ("FalconStor" or the "Company") (Nasdaq:FALC) during the period February 5, 2009 – September 29, 2010 (the "Class Period"). Such investors are advised to contact Fei-Lu Qian at 888-476-6529 or flqian@pomlaw.com.

FalconStor develops, manufactures, and sells network storage software solutions as well as provides related maintenance, implementation, and engineering services. The investigation concerns whether the Company made improper payments to secure a contract with at least one of the Company's customers; and, as a result of the foregoing, whether the Company's officers lacked a reasonable basis for their positive statements about FalconStor and its prospects.

On September 29, 2010, FalconStor issued a press release announcing that its Chairman, Chief Executive Officer, and President, ReiJane Huai, "resigned from all of his positions with the Company, effective immediately." The press release stated that Mr. Huai "tendered his resignation following his disclosure that certain improper payments were allegedly made in connection with the Company's contract with one customer." In response to this news, the price of FalconStor common stock fell $0.91 per share, or 22%, to close at $3.15 per share, on unusually high trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, 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 .

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