LOS ANGELES--(BUSINESS WIRE)--
Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of Saba Software, Inc. (“Saba” or the “Company”) (OTC Markets:SABA) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Saba between September 24, 2010 and October 4, 2012 misrepresented the Company’s operations and financial performance.
On March 28, 2012 Saba 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 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.
According to Saba, the Company has “identified instances of consultants recording fewer billable hours than actually expended on projects.” As a result, “the scope of the restatement has been expanded to address accounting implications arising from the under-recording of billable hours beyond those in which consultants from the Company’s India consulting group were involved.”
As a result of this news, Saba shares declined nearly 9.5%, or $0.99 per share, to close at $9.46 per share on October 5, 2012.
If you purchased Saba shares between September 24, 2010 and October 4, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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