Saba (NASDAQ:SABA), the premier people management software and services
provider, announced that it has notified NASDAQ of the recent
resignation of Lawrence D. Lenihan, Jr. from Saba's board of directors,
as a result of which the company no longer complies with NASDAQ's three
person audit committee requirement in Listing Rule 5605(c)(2)(A). The
company today received a letter from NASDAQ confirming that it has been
granted the customary grace period to obtain compliance by adding an
additional member to its Audit Committee.
Under NASDAQ Listing Rule 5605(c)(4)(B), the company may regain
compliance through appointment of a new member to the Audit Committee
prior to January 13, 2010 subject to extension in certain circumstances.
The company intends to evaluate qualified candidates to fill the vacancy
created by Mr. Lenihan’s resignation with a goal of curing the
deficiency prior to the expiration of the grace period.
About Saba
Founded in 1997, Saba (NASDAQ:SABA) is the premier global provider of
strategic human capital management (HCM) software and services. Saba’s
people management solutions are used by more than 1,300 organizations
and over 17 million end-users worldwide. Saba’s solutions increase
organizational performance by aligning workforce goals with
organizational strategy; developing, managing, and rewarding their
people; and improving collaboration.
Saba product offerings address all aspects of strategic HCM and are
available both on-premise and OnDemand (www.saba.com/products).
To ensure long-term customer success, our global services capabilities
and partnerships provide strategic consulting, comprehensive
implementation services, and ongoing worldwide support.
Saba customers include Alcatel-Lucent; Bank of Tokyo-Mitsubishi UFJ;
BMW; Caterpillar; CEMEX; Cisco Systems; Daimler; Dell; Deloitte Touche
Tohmatsu; EDS, an HP company; EMC Corporation; FedEx Office; Insurance
Australia Group; Kaiser Permanente; Lockheed Martin; Medtronic; National
Australia Bank; Novartis; Petrobras; Procter & Gamble; Renault; Royal
Bank of Scotland; Scotiabank; Singapore Ministry of Finance; Sprint;
Standard Chartered Bank; Stanford University; Swedbank; Tata Consultancy
Services; Wyndham International; Weyerhaeuser; Underwriters
Laboratories; and the U.S. Army, U.S. Department of Health & Human
Services, U.S. Department of Treasury/Internal Revenue Service, and U.S.
Navy.
Headquartered in Redwood Shores, California, Saba has offices on five
continents. For more information, please visit www.saba.com
or call +1-877-SABA-101 or +1-650-779-2791.
SABA, the Saba logo, Saba Centra, and the marks relating to Saba
products and services referenced herein are either trademarks or
registered trademarks of Saba Software, Inc. or its affiliates. All
other trademarks are the property of their respective owners.
Saba
Alissa Vasilevskis, +1-650-581-2615 (Press Relations)
avasilevskis@saba.com
