The Saba board is either too stupid or too gutless to do the blatantly obvious. The accounting issues have become so perilous to investors that the confidence in Babak must be at an all-time low. He needs to go right now.
This company has been a low performer since inception. Plateau raised $20 Million and was sold for $300 Million. Cornerstone raised about $60 Million before going public at $800 Million. Saba raised nearly $250 Million and is barely worth $240 Million. The constant in this POS company is Yazdani. Even when Tolari was CEO for about 18 months, Yazdani was still chairman. He is poison and the sooner he is fired, the better off Saba would be.
The stock is down 38% from it's 52 week high. It is all because of this accounting debacle. To be two quarters late on reporting, quickly becoming three months, for a company of this size is really unacceptable. The stock has always had a Yazdani discount, but this is ridiculous. Time to fire the moron at the top. He has been a lousy manager since day one.
Good people work at Saba. Many good people have left Saba. Not one of them think Yazdani should be the CEO. I have known more than a few former C-level execs at Saba. They all say the reason they left was Yazdani.
The link below should be disturbing to any Saba investor. The amount of money this inept CEO has pulled out of Saba is totally out of sync with his performance. Perhaps he's spending too much time as an angel investor and not enough time looking after the interests of his investors. Why anyone would put him on their board is beyond me. There are plenty O's smart people who can write a check. Why take one from a failed software exec?
Fire Yazdani now!!! Then fire this useless board or directors.