NEW YORK, Jan. 28, 2013 /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.
The investigation relates to whether officers and directors of Saba 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 January 18, 2013, Saba announced that it had received a letter dated January 14, 2013 from the Listing Qualifications Department of The NASDAQ Stock Market LLC noting the Company's noncompliance with Listing Rule 5250(c)(1) with respect to its failure to file on a timely basis its Form 10-Q for its fiscal quarter ended November 30, 2012. Also on January 14, 2013, Saba was advised by Ernst & Young LLP ("Ernst & Young"), Saba's current independent registered public accounting firm, that it will resign as Saba's independent registered public accounting firm effective upon completion of the audit for the fiscal year ended May 31, 2012, including the restatement of the financial statements for the fiscal years ended May 31, 2011 and 2010, and completion of their review of the Company's unaudited financial statements for the three months ended August 31, 2012 and for the six months ended November 30, 2012. As previously announced, the company said that there is a pending restatement of previously issued financial statements for the fiscal years ended May 31, 2008, 2009, 2010 and 2011. Because of the pending restatement, these financial statements and the related audit reports of Ernst & Young have been withdrawn and should no longer be relied upon.
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. Attorney advertising. Prior results do not guarantee similar outcomes.