NEW YORK, April 26, 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") (OTC: SABA), 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. In August and November of 2012, Saba Software announced that it would restate its financial results from 2008 through the middle of 2012. In January of 2013, Saba announced that it had received a letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC noting the Company's noncompliance with Listing Rule 5250(c)(1), relating to timely filing. Also in January of 2013, Saba announced that its accountants Ernst & Young LLP would resign following the completion of the restatement. In March of 2013, the Company's founder and CEO abruptly resigned. Thereafter, on April 9, 2013, the Company was delisted from the Nasdaq GM exchange. 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 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.
Saba Software (Nasdaq:SABA) is trading at unusually high volume Thursday with 1.4 million shares changing hands. It is currently at four times its average daily volume and trading down 75 cents (-8.8%).