| COMPANY |
Autodesk, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-02431 |
| JUDGE |
The Hon. Yvonne Gonzalez Rogers |
| CLASS PERIOD |
June 1, 2023 through April 16, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JUNE 24, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Autodesk, Inc. (“Autodesk”) (NASDAQ: ADSK) securities between June 1, 2023 and April 16, 2024, both dates inclusive (the “Class Period”).
On April 1, 2024, Autodesk disclosed that the company would be unable to timely file its annual report due to “an internal investigation with the assistance of outside counsel and advisors, regarding the Company’s free cash flow and non-GAAP operating margin practices.”
On this news, Autodesk’s stock price fell $10.73, or 4.1%, to close at $248.71 per share on April 2, 2024.
Then on April 16, 2024, Autodesk issued a press release providing an update on the internal investigation, stating that the company “will not file its Annual Report…within the 15-day extension period…due to the ongoing investigation” and “expects to receive a notice from the Nasdaq Stock Market…that it is not in compliance with the timely filing requirement for continued listing under Nasdaq” listing rules.
On this news, Autodesk’s stock price fell $13.32 per share, or 5.84%, to close at $214.92 per share on April 17, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.