SAN FRANCISCO, June 23, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Autodesk, Inc. (NASDAQ: ADSK) investors who suffered substantial losses to take action now by submitting your losses here.
Class Period: June 1, 2023 – Apr. 16, 2024
Lead Plaintiff Deadline: June 24, 2024
Visit: www.hbsslaw.com/investor-fraud/adsk
Contact the Firm Now: ADSK@hbsslaw.com
844-916-0895
Starboard Value LP Shareholder Letter and Autodesk, Inc. (ADSK) Class Action:
Autodesk, the design software giant, is facing mounting pressure from activist investor Starboard Value LP and a potential class-action lawsuit, both alleging the company misled investors about its financial health.
On June 17, Starboard, which owns more than $500 million in Autodesk stock, sent a scathing letter to shareholders, expressing “significant concerns” about the company’s accounting practices, governance, and overall accountability. The letter comes after an internal investigation at Autodesk uncovered issues with the company’s billing practices and how it calculated free cash flow, a key metric used to evaluate financial performance and executive compensation.
Starboard claims the investigation “makes clear the extent to which the Company misled shareholders” and accuses Autodesk of manipulating free cash flow “to create an illusion of greater financial strength.” Starboard further criticized the company’s decision to reassign Chief Financial Officer Deborah Clifford to a newly created role, questioning why she was not held accountable for the accounting issues.
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 Apr. 16, 2024, inclusive (the “Class Period”).
Specifically, the complaint alleges that Defendants misrepresented and concealed that: (1) Autodesk lacked adequate internal controls as a result of issues with its free cash flow and non-GAAP operating margin practices; and (2) 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.
“Our investigation centers on whether Autodesk may have inflated key financial metrics, like operating margin and free cash flow, to create an illusion of greater financial strength,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Any investor who wishes to serve as Lead Plaintiff is encouraged to contact Hagens Berman immediately as investors must act by June 24, 2024.
If you invested in Autodesk and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Autodesk case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
