Robbins LLP is Investigating the Allegations that Autodesk, Inc. (ADSK) Failed to Disclose it Lacked Adequate Internal Controls
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Autodesk, Inc. (NASDAQ: ADSK) securities between June 1, 2023 and April 16, 2024. Autodesk describes itself as a “global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment.”
The Allegations
According to the complaint, during the class period, defendants failed to disclose that Autodesk lacked adequate internal controls as a result of issues with its free cash flow and non-GAAP operating margin practices.
The complaint alleges that on April 1, 2024, the Company filed with the SEC a late filing notice announcing its Audit Committee had initiated an internal investigation regarding the Company’s free cash flow and non-GAAP operating margin practices. On this news, the price of Autodesk stock fell $10.73 per share, or 4.13%, to close at $248.71 on April 2, 2024. Then, on April 16, 2024, the Company revealed it was unable to file its Form 10-K within the 15-day extension received from the SEC. On this news, the price of Autodesk stock fell $13.32 per share, or 5.83%, to close at $214.92 on April 17, 2024. The next day, it fell a further $4.29 per share, or 1.99%, to close at $210.63 on April 18, 2024.
What Now: You may be eligible to participate in the class action against Autodesk, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 24, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.