SAN FRANCISCO, June 10, 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
Autodesk, Inc. (ADSK) Class Action:
Autodesk, the design software company, emerged from a months-long investigation on May 31, revealing that executives had improperly influenced certain financial metrics by shifting charges and payments. The company, however, said it would not restate past financial results.
The investigation, launched in April after a delay in filing annual reports, found that decisions about spending, collections, and accounts payable were made with an eye toward impacting specific financial benchmarks. The company did not specify which metrics were affected, but the revelation raises questions about the accuracy of past financial reporting at Autodesk.
“The audit committee identified areas where decisions about spending, collections and accounting practices were informed by how they would affect certain company financial metrics,” the company said in a statement.
Autodesk's stock price soared in March after the company reported strong financial performance, with a high non-GAAP operating margin and healthy free cash flow. However, investor confidence plummeted in April when the company delayed its annual report, citing an investigation into potential problems with its free cash flow and non-GAAP operating margin practices.
The investigation did not find evidence that executive compensation was directly tied to the manipulated metrics, though free cash flow is a factor considered in compensation packages.
In response to the findings, the company’s audit committee proposed a series of remedial actions, including reviews of specific processes, a reassessment of organizational responsibilities, and the bolstering of relevant policies.
Autodesk also announced a leadership change, with Chief Financial Officer Deborah Clifford transitioning to a new role as Chief Strategy Officer. Board member Betsy Rafael will assume the role of interim CFO.
The company remains restricted in its communication with investors until the filing of its annual report and the release of first-quarter earnings.
In addition, an investor lawsuit challenging the company’s financial reporting practices remains ongoing. That case seeks redress for 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 made false and/or misleading statements and/or failed to disclose 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.
Any investor who wishes to serve as Lead Plaintiff is encouraged to contact Hagens Berman immediately as investors must act by June 24, 2024.
“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.
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
