Saba Software, Saba, a provider of cloud computing software used for training and conferencing, recently 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.
On March 1, 2013, the Company announced that its founder, director and CEO Bobby Yazdani was stepping down from all of those positions effective immediately. Burke Harvey & Frankowski is investigating whether the directors and officers of Saba Software breached their fiduciary duties owed to the Company and its shareholders in connection with the above and caused the Company damages.
If you are a long-term Saba shareholder, you may have legal claims against Saba's directors and officers. Please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.