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LAWSUITS NEWS & LEGAL INFORMATION

$5M Settlement Proposed in FalconStor Software Securities Class Action Lawsuit


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: A proposed $5 million settlement has been reached in the securities class action lawsuit that would benefit purchasers of common stock of FalconStor Software, Inc. (Nasdaq:FALC).

The settlement would affect all persons who purchased the common stock of Falconstor Software Inc during the class period March 12, 2008 to September 29, 2010, inclusive.

A hearing will be held on March 3, 2014 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: 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.

For complete information on the proposed settlement and class action lawsuit, and to download forms, visit: www.strategicclaims.net

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Published on Dec-6-13


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