BALA CYNWYD, Pa., Jan. 23, 2002 (PRIMEZONE) -- Shareholders of Saba Software, Inc.(Nasadaq:SABA) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (01-CV-10754) must submit an application with the Court by January 29, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Saba Software, Inc. securities between April 6, 2000 and December 6, 2000 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Saba Software, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the California-based Saba Software, Inc. issued a prospectus that was materially false and misleading because it failed to disclose, among other things, that: (i) the Underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the Underwriters allocated to those investors material portions of the restricted number of Saba shares issued in connection with the Saba IPO; and (ii) the Underwriters had entered into agreements with customers whereby the Underwriters agreed to allocate Saba shares to those customers in the Saba IPO in exchange for which the customers agreed to purchase additional Saba shares in the aftermarket at pre-determined prices.
If you purchased Saba Software, Inc. securities during the period of April 6, 2000 through December 6, 2000, you may be a member of the class and have until January 29, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca