BIRMINGHAM, Ala., March 12, 2013 (GLOBE NEWSWIRE) -- Burke, Harvey & Frankowski, LLC announces the commencement of an investigation into Saba Software, Inc., ("Saba" or the "Company") to determine whether the Company's directors and officers have breached their fiduciary duties owed to the Company and its shareholders.
Saba is provider of cloud computing software for training and conferencing. On March 1, 2013, the Company announced that its founder, director and CEO Bobby Yazdani was stepping down from those positions effective immediately. Previously, the Company had announced that it received a letter from NASDAQ indicating the Company's ongoing failure to comply with NASDAQ's listing requirements. The failure to comply is related to the Company's failure to timely file certain financial statements with the SEC. The Company previously announced that it will be restating previously issued financial statements for fiscal years 2008, 2009, 2010, and 2011, and is reviewing the Company's unaudited financial statements for the three months ended August 31, 2012 and the six months ended November 12, 2012. The Company also announced that its public accounting firm will resign upon the completion of the audit and restatements. We are investigating whether the directors and officers of Saba breached the fiduciary duties they owed to the Company and its shareholders in connection with the above.
What You Can Do
If you are a long-term Saba shareholder, you may have legal claims against Saba's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Richard Frankowski via email at rfrankowski@bhflegal.com or via toll-free telephone at (888) 930-9091. There is no cost to you.
About Burke, Harvey & Frankowski, LLC
Burke, Harvey & Frankowski, LLC, is a Birmingham, Alabama law firm that among other things dedicates its practice to the representation of shareholders and investors in litigation, including shareholder class actions, derivative litigation and FINRA arbitrations. More information about the firm is available through its website, www.bhfsecuritieslaw.com and upon request from the firm. Burke, Harvey & Frankowski, LLC has paid for the dissemination of this promotional communication and is responsible for its content.
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