NEW YORK, Jan. 28, 2015 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Saba Software, Inc. ("Saba" or the "Comany") (OTC: SABA -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation focuses on whether the Company and certain of its executives violated federal securities laws.
On September 25, 2014, the Securities and Exchange Commission("SEC") charged Saba Software and two of its former executives with committing accounting fraud involving the falsification of timesheets in order reach quarterly targets. According to the SEC, Saba Software overstated its pre-tax earnings by approximately $70 million from October 4, 2007 to January 6, 2012. Saba has agreed to pay $1.75 million to settle the charges.
On December 15, 2014 the Company announced in regulatory filing that, "As previously disclosed, the Company's settlement with the SEC provides that if the Company does not file its delayed periodic reports with the SEC by February 15, 2015, then the Company's registration of its common stock pursuant to Section 12 of the Exchange Act will be subject to revocation pursuant to Section 12(j) of the Exchange Act. The Company expects that once the Section 12(j) deregistration becomes effective, broker-dealers will not be permitted to effect transactions in the Company's securities until the Company has completed the restatement and filed a registration statement on Form 10 pursuant to Section 12(g) of the Exchange Act and such registration statement has become effective."
On this news, shares of Saba plummeted $4.74 per share or 35%, to close at $8.75 per share on December 16, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of Saba, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC