NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) securities between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint in the lawsuit alleges that 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, the Complaint alleges that the 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’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
The Complaint further alleges that the truth emerged on April 1, 2024, when, after the market closed, the Company filed with the SEC a late filing notice on Form 12b-25 (also known as Form NT 10-K). The Complaint also alleges that after 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 in turn, 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.
The Complaint further alleges that 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.
The Complaint also alleges that on April 16, 2024, after the market closed, the Company issued a press release entitled “Autodesk provides update on delayed Form 10-K filing.” The Complaint alleges that the press release revealed that the Company would not be able to file its 10-K within the 15-day extension period.
The Complaint further alleges because of 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, the price of Autodesk stock fell a further $4.29 per share, or 1.99%, to close at $210.63 on April 18, 2024.
Investors who purchased or otherwise acquired shares of Autodesk should contact the Firm prior to the June 24, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
