SAN FRANCISCO, June 23, 2024 (GLOBE NEWSWIRE) — Hagens Berman calls on Autodesk, Inc. (NASDAQ: ADSK) Investors who have suffered significant losses can now take action and report their losses here.
School lesson: 1 June 2023 – 16 April 2024
Deadline for lead plaintiffs: 24 June 2024
Visit: www.hbsslaw.com/investor-fraud/adsk
Contact the company now: [email protected]
844-916-0895
Starboard Value LP Shareholder Letter and Class Action Lawsuit against Autodesk, Inc. (ADSK):
Design software giant Autodesk is facing increasing pressure from activist investor Starboard Value LP and a possible class action lawsuit, both of which allege the company misled investors about its financial health.
On June 17, Starboard, which owns more than $500 million worth of Autodesk stock, sent a scathing letter to shareholders raising “significant concerns” about the company’s accounting practices, corporate governance and overall accountability. The letter came after an internal investigation at Autodesk uncovered problems with the company’s billing practices and calculation of free cash flow, a key metric used to evaluate financial performance and executive compensation.
Starboard claims the investigation “clearly demonstrates the extent to which the company misled shareholders” and accuses Autodesk of manipulating free cash flow “to create the appearance of greater financial strength.” Starboard also criticized the company’s decision to move CFO Deborah Clifford to a newly created position and questioned why she was not held accountable for the accounting problems.
Adding to Autodesk’s woes, a separate class action lawsuit was filed on behalf of investors who purchased or acquired Autodesk common stock between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”).
Specifically, the complaint alleges that defendants made misrepresentations and failed to disclose that (1) Autodesk did not have adequate internal controls due to problems with its free cash flow and non-GAAP operating margins and (2) as a result, defendants’ statements about its business, operations and prospects were materially false and misleading and/or at no time had a reasonable basis.
“At the heart of our investigation is whether Autodesk may have inflated key financial metrics such as operating margin and free cash flow to create the appearance of greater financial strength,” said Reed Kathrein, lead partner at Hagens Berman, who led the investigation.
Any investor wishing to serve as lead plaintiff is encouraged to contact Hagens Berman immediately, as investors must act by 24 June 2024.
If you have invested in Autodesk and suffered significant losses or have knowledge that could help the company’s investigation, report your losses now »
For more information and answers to frequently asked questions about the Autodesk case and our investigation, read on »
About Hagens Berman
Hagens Berman is a global complex plaintiffs’ rights litigation firm with a focus on corporate responsibility. The firm has a robust practice representing investors as well as whistleblowers, employees, consumers and others in cases that achieve real results for those harmed by corporate negligence and other wrongdoing. Hagens Berman’s team has won more than $2.9 billion in this area of law. For more information about the firm and its successes, visit hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
