BOULDER, Colo.--(BUSINESS WIRE)--
The Shuman Law Firm today announced that it is investigating potential claims against certain officers and directors of Saba Software, Inc. ("Saba" or the "Company") (SABA). Saba provides people collaboration software, both cloud and on-premise, to a diverse customer base.
The firm’s investigation concerns the Company’s ongoing accounting problems. On March 28, 2012, Saba announced it was delaying an earnings release due to an internal review of certain accounting transactions. Saba later confirmed that it identified instances of improper time-recording at the director of supervisors. On August 6, 2012, Saba disclosed that its financial results for 2010, 2011 and the first two quarters of 2012 should be restated. To date, Saba has yet to file these restated financials, resulting in its delistment from NASDAQ on April 11, 2013. On January 18, 2013, Saba announced that its accounting firm, Ernst & Young LLP, would resign following the completion of the restatement. Finally, on March 1, 2013, Saba’s founder and CEO, Bobby Yazdani, resigned from the Company. Saba has had five chief financial officers since its inception in 1997. The firm’s investigation concerns Saba’s senior officers and directors’ responses to these issues.
If you currently own Saba common stock and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at email@example.com or email Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.