The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf
of Purchasers of Common Stock of FalconStor Software, Inc. -- FALC
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.
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
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
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 The Rosen Law Firm, P.A. James L. Brochin, Esq.
Eastern District New 275 Madison Avenue, 34th Paul, Weiss, Rifkind, Wharton,
York Floor & 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 Counsel for
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.
Press spacebar to pause and continue. Press esc to stop.