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Lawsuit filed for Investors who lost money with shares of Autodesk, Inc. (NASDAQ: ADSK)

05-02-2024 05:46 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Autodesk, Inc. (NASDAQ: ADSK) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Autodesk, Inc. (NASDAQ: ADSK) shares over alleged securities laws violations.

An investor, who purchased shares of Autodesk, Inc. (NASDAQ: ADSK), filed a lawsuit over alleged violations of Federal Securities Laws by Autodesk, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Autodesk, Inc. (NASDAQ: ADSK) have certain options and for certain investors are short and strict deadlines running. Deadline: June 24, 2024. NASDAQ: ADSK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Autodesk, Inc. provides 3D design, engineering, and entertainment technology solutions worldwide. On April 1, 2024, after the market closed, Autodesk, Inc. filed with the SEC a late filing notice on Form NT 10-K. The late filing notice stated that Autodesk was unable to file its 10-K for the fiscal year ending January 31, 2024 within the prescribed time period.
Further, Autodesk, Inc. announced that "[a]fter the Company's earnings release on February 29, 2024, information was brought to the attention of management, which promptly informed the Audit Committee (the "Committee") of the Board of Directors of the Company, that caused the Committee to commence an internal investigation with the assistance of outside counsel and advisors, regarding the Company's free cash flow and non-GAAP operating margin practices. The Committee is comprised entirely of outside "independent directors" as defined by the Nasdaq Stock Market listing standards. The investigation is ongoing and all parties are working diligently to complete the investigation. The Company has voluntarily contacted the [SEC] to advise it that an internal investigation is ongoing, and the Committee intends to provide additional information to the Commission as the investigation proceeds. The Company needs further time to assist the Committee in its investigation and to review its practices in this regard."

Shares of Autodesk, Inc. (NASDAQ: ADSK) declined from $279.53 per share on March 01, 2024, to as low as $228.91 per share on April 15, 2024.

The plaintiff claims that between June 1, 2023 and April 16, 2024, the defendants made materially false and/or misleading statements and/or failed to disclose that Autodesk, Inc. lacked adequate internal controls as a result of issues with its free cash flow and non-GAAP operating margin practices, and that as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.

Those who purchased shares of Autodesk, Inc. (NASDAQ: ADSK) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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