WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Saba Software Inc. (OTC: SABA) (“Saba Software” or the “Company”) relating to the sale of the Company to private equity firm Vector Capital (“Vector Capital”). On February 10, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Vector Capital will acquire Saba Software in a buyout worth $400 million. As a result of the going private deal, Saba Software shareholders are only anticipated to receive $9.00 per share in cash for each share of Saba Software.
Andrews & Springer’s investigation focuses on the inadequate consideration that Saba Software shareholders are expected to receive. While the deal is advertised as offering a premium for Saba Software shareholders, Saba Software stock recently traded at $9.42 per share on February 6, 2015 and $13.49 per share on December 15, 2014. Based on the February 6 closing price at $9.42, the $9.00 per share consideration offers no premium to shareholders.
As reported by the New York Times, “Saba was delisted from the Nasdaq after it was forced to restate earnings following an accounting fraud scandal. Also on Tuesday, two former chief financial officers of Saba agreed to return nearly a half million dollars in bonuses and profits from stock sales that they received while the company was said to be misstating earnings.”
If you own shares of Saba Software and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/SABA or contact Craig J. Springer, Esq. at email@example.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.