Within just a week of the resignation of ReiJane Huai, FalconStor Software Inc.’s chief executive, nine class action law firms (and counting) have declared an interest in filing suits on behalf of shareholders.
The federal Securities and Exchange Commission has not disclosed details of the accusation against Huai. The Melville-based company said he resigned last week in connection with improper payments to a customer.
The law firm Dyer & Berens LLP, of Denver, Colo., on Wednesday said it has already filed a class-action suit against FalconStor, whose stock fell sharply after the resignation.
The firm was preceded by lawyers from across the country — Bernstein Liebhard LLP, Goldfarb Branham Law Firm, Holzer Holzer & Fistel LLC, Izard Nobel LLP, Law Offices of Howard G. Smith, Levetown & Jenkins LLP, Robbins Geller Rudman & Dowd LLP, Robbins Umeda LLP and the Rosen Law Firm.
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