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Saba Software receives warning from Nasdaq

Mon, 10/08/2012 - 5:10pm
The Associated Press

REDWOOD SHARES, Calif. (AP) — Saba Software Inc. said Monday that it has been notified that it is at risk of being delisted from the Nasdaq Stock Market because it has not filed its fiscal third- and fourth-quarter reports and will not file its first-quarter report on time.

Saba provides offsite data "cloud" computing services for companies. The company said it expected the notice and will ask that the Nasdaq delay any move to delist its shares. It plans to request a hearing with a Nasdaq panel. Saba said it has made progress on its overdue quarterly filings but needs more time to complete them.

The company said in March that it would not be able to file its report for the fiscal third quarter, which ended Feb. 29, because it needed more time to review the accounting treatment of certain international transactions. Saba also has not filed its report for the fiscal year ended May 31 and said it won't be able to file its fiscal first-quarter report by the Nasdaq deadline on Wednesday.

Shares of Saba Software rose 4 cents to close at $9.50.

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