SEC Files Sarbanes-Oxley Clawback Action Against Two Former CFOs
On February 10, 2015, the Securities and Exchange Commission filed settled administrative cease-and-desist proceedings against two former chief financial officers of Saba Software, Inc. for their failure to reimburse the company for the stock-sale profits and bonuses they received in the 12 months following the filing of periodic reports necessitating restatement, as required under Section 304(a) of the Sarbanes-Oxley Act.