Defendant Name:
Saba Software, Inc.
Defendant Type:
Public Company
Document Reference:
2014-214
Document Details
Legal Case Name
In the Matter of Saba Software, Inc., Patrick Farrell, and Sajeev Menon
Document Name
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
Document Date
24-Sep-2014
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Saba agrees to pay additional penalties if it has not filed restatements of its earnings by later 2014; it also agrees to revocation of its registration if it does not file restatements by early 2015.
Monetary Penalties:
Total Penalty
Individual:
$1,750,000.00
Shared:
Other Defendants in Action:
