Saba Software, Inc.
Robbins LLP served as lead counsel in this shareholder class action in the Delaware Court of Chancery against the officers and directors of Saba Software for breaches of fiduciary duties related to the buyout of Saba by Vector Capital Management. Plaintiffs alleged that because the company was facing mounting financial concerns, including delisting by the Securities and Exchange Commission and a failure to complete its internal review of the accounting treatment of certain international transactions, defendants chose to sell the company in a flawed and self-serving sales process in exchange for inadequate merger consideration for Saba shareholders.
After three and half years of litigation, including extensive discovery, mediation and a lengthy settlement negotiation process, defendants agreed to pay Saba’s former shareholders $19.5 million. In approving the settlement, Vice Chancellor Slights called the firm’s representation of the class “exemplary” and touted the settlement as a “strong recovery for the class.”
In re Saba Software, Inc. Stockholder Litig. C.A. No. 10697-VCS (Sept. 24, 2018)