San Diego, CA -- (SBWIRE) -- 04/25/2012 -- Certain officers and directors of Saba Software, Inc. are under investigation over potential breaches of fiduciary duties in connection with certain financial statements after Saba Software, Inc. announced that it will delay its third quarter fiscal year 2012 earnings release.
Investors who purchased shares of Saba Software, Inc. (NASDAQ:SABA) and currently hold any of those NASDAQ:SABA shares , have certain options and should contact the Shareholders Foundation, Inc by email at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
The investigation by a law firm on behalf of investors in shares of Saba Software, Inc. (NASDAQ:SABA) concerns whether certain officers and directors breached their fiduciary duties in connection with a series of statements by the Company regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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.
NASDAQ:SABA shares dropped from $13.00 on March 27, 2012 to $9.55 on March 30, 2012 and closed on April 24, 2012 at $9.68 per share
Those who purchased shares of Saba Software, Inc. (NASDAQ:SABA) and currently hold those Saba Software, Inc. (NASDAQ:SABA) shares, may have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego