Autodesk, Inc.
| Company Name | Autodesk, Inc. |
| Stock Symbol | ADSK |
| Class Period | June 01, 2023 to April 16, 2024 |
| Lead Plaintiff Motion Deadline | June 24, 2024 |
On April 1, 2024, Autodesk disclosed that it 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, thereby injuring investors.
Then, on April 16, 2024, the Company disclosed that it would be unable to file its annual report within the 15-day extension period due to the ongoing investigation.
On this news, Autodesk’s stock price fell $13.32, or 5.8%, to close at $214.92 per share on April 17, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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