September 24, 2014
Saba Software, Inc., Patrick Farrell, Sajeev Menon
SANCTION AMOUNT: $1,904,638
Defendants: Saba Software, Inc.
Patrick Farrell, Sajeev Menon
Settlement of alleged accounting fraud in which managers based in the U.S. directed consultants in India to either falsely record time that they had not yet worked, or purposely fail to record hours worked during certain pay periods to conceal budget overruns from management and finance divisions. This resulted in revenue misstatements over a four-period, allowing Respondent company to achieve quarterly revenue and margin targets.
- Key Docs
- Official SEC press release