Key Developments: Saba Software Inc (SABA.PK)

SABA.PK on OTC Markets Group

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Latest Key Developments (Source: Significant Developments)

Saba Software Inc completes amendment to existing credit facility with Wells Fargo Bank - Form 8-K
Tuesday, 28 Oct 2014 04:35pm EDT 

Saba Software Inc:Says on Oct. 24, completes amendment to existing credit facility with Wells Fargo Bank, National Association (Wells Fargo) in order to borrow an additional $5 mln from Wells Fargo under the credit facility.As previously reported, the company amended both the Wells Fargo credit facility and the loan agreement with Vector Trading (Cayman), LP (Vector) on Sept. 23, 2014 in order to accommodate an additional $15 mln of debt financing from Vector and an additional $5 mln of funding from Wells Fargo.  Full Article

Saba Software Inc announces new patents
Tuesday, 16 Sep 2014 09:15am EDT 

Saba Software Inc:Says it has secured three new patents in the areas of social network influence analysis, offline learning access and enterprise-wide security control.Saba's three newest patents cover a range of leading-edge functionality for talent management solutions, including Dynamic Network Analysis, Heirarchical Security Controls and Offline Content Player.  Full Article

Saba Software Inc announces auditor change - Form 8-K
Tuesday, 21 Jan 2014 04:21pm EST 

Saba Software Inc:Says on Jan 15, the audit committee dismissed Ernst & Young as the company’s independent registered public accounting firm.Says on Jan 17, the company expanded KPMG’s initial appointment to include serving as the company’s independent registered public accounting firm.  Full Article

Saba Software Inc Appoints Shawn Farshchi As President And CEO
Monday, 12 Aug 2013 08:15am EDT 

Saba Software Inc announced that it has appointed Shawn Farshchi as President and Chief Executive Officer (CEO) and a member of the Board of Directors effective as of August 6, 2013. Mr. Farshchi has served as the interim CEO since March 2013.  Full Article

Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Saba Software Inc
Friday, 26 Apr 2013 04:15pm EDT 

Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Saba Software, Inc. (Saba or the Company), 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.  Full Article

Lifshitz Law Firm Announces Investigation Of Saba Software Inc
Monday, 22 Apr 2013 05:04pm EDT 

Lifshitz Law Firm announced that it is investigating potential claims against the board of Saba Software Inc. (Saba or the Company). Between August 2, 2012 and November 5, 2012, the Company management, in consultation with the Audit Committee, concluded that the Company's annual financial results for fiscal years 2008-2011, and the quarterly results for the periods within such fiscal years and for the first and second quarters of fiscal year 2012, should be restated. In March 2013, the Company's founder and CEO abruptly resigned. The firm is investigating legal claims against the officers and Board of Directors of Saba during the Class Period.  Full Article

Law Office Of Brodsky & Smith, LLC Announces Investigation Of Saba Software Inc
Friday, 19 Apr 2013 09:00pm EDT 

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Saba Software, Inc. in connection with Saba Software's failure to maintain adequate internal accounting controls to ensure their financial statements were not misleading. In August and November of 2012, Saba Software announced that it would restate financial results from 2008 through the middle of 2012. 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. In addition, Saba Software stock price has dropped from $13.08 per share on March 26, 2012 to $8.23 per share on April 18, 2013. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Saba Software for failure to maintain adequate controls to ensure financial statements were based on accurate information.  Full Article

Harwood Feffer LLP Announces Investigation Of Saba Software Inc
Thursday, 18 Apr 2013 09:30pm EDT 

Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Saba Software Inc, concerning whether the board has breached its fiduciary duties to shareholders. For the past year, Saba has been plagued by accounting problems. In August and November of 2012, the Company announced restatements to its financial results from 2008 through the middle of 2012. In March 2013, the Company's founder and CEO abruptly resigned. On April 9, 2013, the Company was delisted from the Nasdaq GM exchange. Investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.  Full Article

Shuman Law Firm Investigates Saba Software Inc
Thursday, 11 Apr 2013 01:45pm EDT 

The Shuman Law Firm announced that it is investigating potential claims against certain officers and directors of Saba Software Inc (Saba or the Company). Saba provides people collaboration software, both cloud and on-premise, to a diverse customer base. The firm`s investigation concerns the Company`s ongoing accounting problems. On March 28, 2012, Saba announced it was delaying an earnings release due to an internal review of certain accounting transactions. Saba later confirmed that it identified instances of improper time-recording at the director of supervisors. On August 6, 2012, Saba disclosed that its financial results for 2010, 2011 and the first two quarters of 2012 should be restated. To date, Saba has yet to file these restated financials, resulting in its delistment from NASDAQ on April 11, 2013. On January 18, 2013, Saba announced that its accounting firm, Ernst & Young LLP, would resign following the completion of the restatement. Finally, on March 1, 2013, Saba`s founder and CEO, Bobby Yazdani, resigned from the Company. Saba has had five chief financial officers since its inception in 1997. The firm`s investigation concerns Saba`s senior officers and directors` responses to these issues.  Full Article

Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Saba Software Inc
Monday, 28 Jan 2013 08:30am EST 

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Saba Software, Inc., concerning whether the Company and certain of 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 shareholders by failing to implement adequate internal controls and misstating the Company's financial results.  Full Article

CORRECTED-Saba Software ex-CEO to reimburse company in SEC accord

(Corrects headline, first two paragraphs to clarify Yazdani is a former, not current, CEO of Saba. Yazdani's status was correctly rendered in subsequent updates. The SEC release on which the initial article was based did not contain the distinction.)

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