An investigation on behalf of investors in NASDAQ:SABA shares over possible breaches of fiduciary duty and other violations of the law by certain officers and directors of SABA Software, Inc. was announced and NASDAQ:SABA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/27/2012 -- Certain Saba Software, Inc. officers and directors face an investigation on behalf of investors in NASDAQ:SABA shares over potential possible breaches of fiduciary duty and other violations of the law in connection with certain financial statements.
Investors who purchased shares of Saba Software, Inc. (NASDAQ:SABA) and currently hold those Saba Software, Inc. (NASDAQ:SABA) shares, 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 officers and directors of Saba Software, Inc. breached their fiduciary duties and caused damage to Saba Software, Inc. and its shareholders by failing to implement adequate internal controls and misstating the company's financial results.
On March 28, 2012, Saba Software, Inc. announced that it is delaying its third quarter fiscal year 2012 earnings release. Saba Software, Inc said that it's delaying the release of its fiscal third-quarter results, because it needs more time to complete an internal review of the accounting treatment of certain international transactions.
Then on April 13, 2012, Saba Software, Inc announced it has received a letter from The NASDAQ Stock Market LLC ("NASDAQ") indicating that Saba Software, Inc is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c)(1) as a result of the Company's delay in filing its Form 10-Q for its fiscal quarter ended February 29, 2012.
Then on August 6, 2012, Saba Software, Inc announced that as a result of the previously reported accounting review, its management has determined, in consultation with the Audit Committee of the Company’s Board of Directors, that its annual financial results for fiscal years 2011 and 2010, and the quarterly results for the periods within such fiscal years and for the first and second quarters of fiscal year 2012, should be restated.
Shares of Saba Software, Inc. (NASDAQ:SABA) fell from $13.08 per share on March 26, 2012, to $9.94 per share on March 29th and continued to decline to as low as $7.34 per share on August 24, 2012.
Those who purchased shares of Saba Software, Inc. (NASDAQ:SABA) and currently hold those Saba Software, Inc. (NASDAQ:SABA) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego