NEW YORK, Dec. 4, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court Eastern District of New York has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of FalconStor Software, Inc. (Nasdaq:FALC):
SUMMARY NOTICE OF CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED THE COMMON STOCK OF FALCONSTOR SOFTWARE, INC. DURING THE PERIOD FROM MARCH 12, 2008 AND SEPTEMBER 29, 2010, INCLUSIVE.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF A LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an order of the United States District Court for the Eastern District of New York, that Court-appointed Lead Plaintiff, William Burns, represented by the Rosen Law Firm, P.A., on behalf of himself and the Court-certified Class ("Plaintiffs"), have reached a proposed settlement of the above-captioned securities class litigation (the "Litigation"), with defendants FalconStor Software, Inc., and James Weber (collectively, the "FalconStor Defendants") for five million dollars ($5,000,000), that, if approved, will settle Plaintiffs' claim in this Litigation.1
A hearing will be held on March 3, 2014 at 2:00 p.m. in courtroom 8A before the Honorable Edward R. Korman, United States District Judge of the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, New York 11201 (the "Settlement Hearing") for the purpose of determining: (1) whether the proposed Settlement should be approved as fair, reasonable and adequate; (2) whether all Settled Claims should be dismissed with prejudice; (3) whether an order approving the Settlement should be entered; (4) whether the allocation of the Gross Settlement Fund should be approved; (5) whether the application for an award of Attorneys' Fees and Expenses should be approved; and (6) other matters as the Court may deem appropriate. The Court may change the date of the hearing without providing additional notice to the Settlement Class Members.
If you purchased FalconStor common stock during the period of March 12, 2008 through September 29, 2010, inclusive, you may be a member of the Class described above, and your rights may be affected by the Settlement of this Litigation.
If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies of these documents by contacting the Claims Administrator at:
| FalconStor Software Securities Litigation |
| c/o Strategic Claims Services, Claims Administrator |
| 600 North Jackson Street—Suite 3 |
| P.O. Box 230 |
| Media, PA 19063 |
Or by visiting the Claim Administrator's website, www.strategicclaims.net.
If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than January 20, 2014, establishing that you are entitled to recovery, in the manner and form explained in the Notice. If you are a Class Member and do not submit a proper Proof of Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will be bound by any judgment or orders entered by the Court in the Litigation, whether or not you submit a claim.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion received no later than January 20, 2014, in the manner and form explained in the Notice. All members of the Settlement Class who do not request exclusion will be bound by any judgment entered in the Litigation.
Any objections to the Settlement, the proposed Plan of Allocation, or Lead Plaintiff's Counsel's application for an award of attorneys' fees and reimbursement of expenses must be postmarked by February 10, 2014 and mailed to the addresses below:
| COURT | PLAINTIFFS' COUNSEL | DEFENSE COUNSEL |
| Clerk of the Court | Phillip Kim, Esq. | Daniel J. Kramer, Esq. |
| United States District Court | The Rosen Law Firm, P.A. | James L. Brochin, Esq. |
| Eastern District New York | 275 Madison Avenue, 34th Floor | Paul, Weiss, Rifkind, Wharton, & Garrison LLP |
| 225 Cadman Plaza East | New York, NY 10016 | 1285 Avenue of the Americas |
| Brooklyn, NY 11201 | New York, NY 10019 | |
| Class Counsel for Plaintiffs | Counsel for | |
| FalconStor Defendants |
If you have any questions about the Settlement, you may call or write to the Claims Administrator at the contact information identified above.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
DATED: NOVEMBER 1, 2013
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK
1 All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Stipulation and Agreement of Settlement, dated May 6, 2013.