NEW YORK, July 12, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Saba Software, Inc. ("Saba" or the "Company") who purchased shares between September 24, 2010 and October 4, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Saba and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 28, 2012, the Company announced the delay in releasing its earnings for the third quarter fiscal year 2012 "to allow the Company additional time to complete an internal review of the accounting treatment of certain international transactions." On these revelations, Saba shares declined $2.21 per share or 18%, to close at $9.94 per share, on March 29, 2012.
On October 4, 2012, as a result of the accounting review and pending restatement, the Company announced it has delayed its filing with the 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. Further, the Company disclosed that it has "identified instances of consultants recording fewer billable hours than actually expended on projects." As a result, "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 this news, Saba shares declined $0.99 per share or nearly 9.5%, to close at $9.46 per share on October 5, 2012.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.