DENVER, Sept. 29, 2010 (GLOBE NEWSWIRE) -- The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that it has initiated its own investigation concerning potential legal claims of certain FalconStor Software, Inc. (Nasdaq:FALC) investors.
On September 29, 2010, FalconStor disclosed that its President, CEO and Chairman of the Board, ReiJane Huai, resigned from all of his positions with the company, effective immediately. According to the company's statement, "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. The Company has fully cooperated with law enforcement authorities with respect to the ongoing investigation, and it will continue to do so. In addition, a special committee of the Board has been formed to conduct a full internal investigation of these matters and the special committee has retained counsel to assist it in its investigation." On this troubling news, FalconStor's stock price plummeted more than 20 percent.
If you are a FalconStor investor or have information relevant to the investigation, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com.
The law firm of Dyer & Berens LLP focuses on complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.