An investigation for investors in shares of Saba Software, Inc. (SABA) over potential wrongdoing by certain officers and directors of Saba Software, Inc. is ongoing and SABA stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 05/07/2013 -- An investigation on behalf of investors who purchased shares of Saba Software, Inc. (formerly NASDAQ:SABA, now OTCMKTS:SABA) was announced concerning whether certain Saba Software officers and directors possibly breached their fiduciary duties in connection with certain statements issued by Saba Software, Inc between September 24, 2010 and October 4, 2012 concerning the Company's operations and financial performance.
Investors who purchased shares of Saba Software, Inc. (formerly NASDAQ:SABA, now OTCMKTS:SABA), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Saba Software officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.
On March 28, 2012 Saba Software, Inc. announced a delay in releasing its earnings for its fiscal third quarter 2012, "to allow the Company additional time to complete an internal review of the accounting treatment of certain international transactions."
Then, on October 4, 2012, Saba Software, Inc. announced it has delayed filing the Company's Form 10-Q for the quarter ended February 29, 2012 and its Form 10-K for the fiscal quarter ended May 31, 2012, and further expects that it will delay filing the Company's Form 10-Q for the quarter ended August 31, 2012, as a result of an accounting review and pending restatement.
On January 18, 2013, Saba Software, Inc. announced that that on January 14, 2013, it was advised by its current independent registered public accounting firm, that it will resign as Saba Software’s independent registered public accounting firm effective upon completion of the audit for the fiscal year ended May 31, 2012, including the restatement of the financial statements for the fiscal years ended May 31, 2011 and 2010, and completion of their review of the Company’s unaudited financial statements for the three months ended August 31, 2012 and for the six months ended November 30, 2012.
On March 1, 2013, Saba Software, Inc. announced a leadership transition under which Bobby Yazdani and the Board have agreed he will step down as Chairman, CEO and Director, effective March 1, 2013.
On april 4, 2013, April 4, 2013 Saba Software, Inc. announced that it has determined that it will be unable to regain compliance with the Company’s SEC filing requirements for continued listing of its common stock on the NASDAQ Global Select Market by the previously reported April 4, 2013 deadline set by The NASDAQ Stock Market LLC Hearings Panel.
On April 9, 2013, the Company was delisted from the Nasdaq GM exchange.
On May 6, 2013, SABA shares closed at $9.30 per share.
Those who purchased shares of Saba Software, Inc. (formerly NASDAQ:SABA, now OTCMKTS:SABA), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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