NEW YORK, April 26, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) and reminds investors of the June 24, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Autodesk To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 investing in Autodesk stock or options between June 1, 2023 and April 16, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ADSK.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Autodesk, Inc. 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 1, 2024, after the market closed, Autodesk filed with the SEC a late filing notice on Form NT 10-K. In the late filing notice Autodesk stated it was unable to file its 10-K for the fiscal year ending January 31, 2024 within the prescribed time period, Autodesk 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 late filing notice also stated 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.”
On this news, Autodesk’s stock fell $10.73 per share, or 4%, to close at $248.71 per share on April 2, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Autodesk’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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