Defendant Name: Saba Software, Inc.

Defendant Type: Public Company
SIC Code: 7372
CUSIP: 78493260

Initial Case Details

Legal Case Name In the Matter of Saba Software, Inc., Patrick Farrell and Sajeev Menon
First Document Date 24-Sep-2014
Initial Filing Format Administrative Action
File Number 3-16159
Allegation Type Issuer Reporting and Disclosure
AAER 3583

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(1)
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Sec 13(a) of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Sec 13(a) of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Patrick Farrell is alleged to have caused Saba Software, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Sajeev Menon is alleged to have caused Saba Software, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 24-Sep-2014
Headline Total Penalty and Disgorgement $1,904,638

Related Documents:

33-9654 24-Sep-2014 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 24, 2014, the SEC instituted administrative proceedings against Saba Software, Inc., alleging that the Company violated the fraud provisions of the federal securities laws. Specifically, the SEC alleges that "the scheme involves falsification of time records and fraudulent revenue recognition for certain professional services."
2014-214 24-Sep-2014 Press Release--Administrative Proceeding
SEC Charges Software Company in Silicon Valley and Two Former Executives Behind Fraudulent Accounting Scheme; CEO Agrees to Return $2.5 Million Under Clawback Provision
On September 24, 2014, the SEC announced that it charged Saba Software and two former executives with accounting fraud in which timesheets were falsified to hit quarterly financial targets. The SEC also alleged that Saba's internal controls was "ineffective to counter-balance the revenue and margin targets set by senior management."

Other Defendants in Action:

Patrick Farrell
Sajeev Menon

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