NEW YORK, Oct. 8, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Saba Software, Inc. ("SABA" or the "Company") (NasdaqGM: SABA -News), concerning whether the company and certain of its officers and directors have violated federal securities laws.
Shares of SABA declined nearly 18% per share to close on March 29, 2012, at $ 9.94 per share. The Company said that it's delaying the release of its fiscal third-quarter results, because it needs more time to complete an internal review of the accounting treatment of certain international transactions. The Company previously announced it would issue an earnings release after market close on March 29, 2012. Then on April 13, 2012, Saba announced it has received a letter from The NASDAQ Stock Market LLC ("NASDAQ") indicating that the Company is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c)(1) as a result of the Company's delay in filing its Form 10-Q for its fiscal quarter ended February 29, 2012. Then on October 4, 2012, as a result of the accounting review and pending restatement, the company announced it has delayed its filing with SEC of its Form 10-Q for the quarter ended February 29, 2012 and for its Form 10-K for the fiscal quarter ended May 31, 2012, as previously reported, and expects that it will delay its filing of its Form 10-Q for the quarter ended August 31, 2012. 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. On October 5, 2012, shares of the company dropped over 9 % to close at $9.46.
If you are aware of any facts relating to this investigation, or purchased shares of SABA, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address 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.
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