NEW YORK, April 28, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Autodesk and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 1, 2024, Autodesk filed a Notification of Late Filing with the U.S. Securities and Exchange Commission, stating that the Company “is unable to file its Annual Report on Form 10-K for the year ended January 31, 2024 . . . within the prescribed time period, without unreasonable effort or expense.” Specifically, Autodesk revealed 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.”
On this news, Autodesk’s stock price fell $10.73 per share, or 4.14%, 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 it “will not file its Annual Report . . . within the 15-day extension period . . . due to the ongoing investigation” and accordingly “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 Rule 5250(c)(1).”
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
