FalconStor to Report Q2 Earnings this Month
FalconStor, a maker of backup solutions and data protection software, will hold its earnings call for the second quarter of 2012, ended June 30, after market closing on July 31. Here’s a brief overview that the company provided.
FalconStor didn’t release a preview of its earnings like EMC did so for now there’s no word on what we could expect, but one recent development is definitely going to leave a blotch on its next report.
Late last month a court made the ruling over a bribery scandal that has been haunting the company since 2010. Its founder and several other executives were suspected to have paid off some of their peers at JP Morgan Chase in order to win their company a very lucrative deal with the banker’s IT department. Several hundred thousands dollars exchanged hands between these parties, and the total worth of the contracts between the two firm is estimated at around $12 million.
The judge in charge of the case ordered FalconStor to pay $5.8 in damages to two parties: the sum is split right in the middle with $2.9 million going to the SEC, which filed a separate suite, and $2.9 million forfeited by FalconStor. Some of the other terms included the implementation new corporate policies and a mandatory change of the C-level management structure that was in place before.
On the upside, FalconStor’s been taking steps to overcome the damage done in this scandal, brining in a new executive to lead partner sales, and the company did report growth by the end of the fourth quarter for 2011.
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
