If you purchased shares of Saba Software, Inc. (NASDAQ:SABA)
The investigation by a law firm concerns whether certain Saba Software officers and directors breached their fiduciary duties and caused damage to the company. 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. On April 13, 2012, Saba Software, Inc announced it has received a letter from The NASDAQ Stock Market LLC indicating that Saba Software, Inc is not in compliance with filing requirements. 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.
On October 4, 2012, Saba Software, Inc further said that subsequent to August 6, 2012 and in connection with the Company's work on the restatement, the Company also identified instances of consultants recording fewer billable hours than actually expended on projects and as a result of these findings, 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.
Shares of Saba Software, Inc. (NASDAQ:SABA)
On October 5, 2012, NASDAQ:SABA shares closed at $9.46 per share.
Those who purchased shares of Saba Software, Inc. (NASDAQ:SABA)