SAN FRANCISCO, May 13, 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, a software company empowering design and engineering professionals, has been hit with an investor class action after a recent disclosure raised concerns about the propriety of its financial reporting practices.
Just months ago, in Mar. 2024, Autodesk boasted impressive financial results. The company reported a strong non-GAAP operating margin of 36% and healthy free cash flow of $427 million for the fourth quarter and full fiscal year 2024. This positive news sent the stock price soaring, closing $6.57 higher on Mar. 1.
However, the rosy picture painted by Autodesk may not have been entirely accurate. A recent investor class action lawsuit alleges that the company and its executives made misleading statements and failed to disclose internal control deficiencies related to its free cash flow and non-GAAP operating margin calculations.
Investor confidence took a sharp turn on Apr. 1, 2024, when Autodesk announced a delay in filing its annual financial statements for the fiscal year ending Jan. 31, 2024. The company revealed that management identified issues with its free cash flow and non-GAAP operating margin practices. This prompted the company’s Audit Committee to launch an internal investigation and notify the Securities and Exchange Commission (SEC). Following this news, the price of Autodesk shares plummeted by $10.73 on Apr. 2.
“We are investigating whether Autodesk may have inflated its operating margin and free cash to make it seem financially stronger than it really was,” 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
