Andrews & Springer LLC, as Delaware counsel, has negotiated a $19.5 million cash settlement (the “Settlement”) on behalf of former stockholders of Saba Software, Inc. (“Saba” or the "Company").
The Settlement resolves claims brought by former Saba stockholders who challenged the sale of Saba to an affiliate of private equity firm Vector Capital Management. Specifically, the former stockholders alleged that the Company failed to disclose details regarding its repeated failures to meet SEC requirements to restate fraudulent financials and that the board launched the merger to protect thier own equity awards.
A copy of the Court's final Order approving the Settlement can be accessed here.