NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Autodesk, Inc. (“Autodesk” or “the Company”) (NASDAQ: ADSK) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Autodesk securities between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/ADSK.
Case Details:
According to the Complaint, Autodesk describes itself as a “global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment. Our customers design, fabricate, manufacture, and build anything by visualizing, simulating, and analyzing real-world performance early in the design process. [. . .] Our professional software products are sold globally through a combination of indirect and direct channels.”
The Complaint alleges that Autodesk made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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, on April 1, 2024, Autodesk revealed in a SEC filing that it “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,” that its Board of Directors and Audit Committee had commenced “an internal investigation with the assistance of outside counsel and advisors, regarding [Autodesk]’s free cash flow and non-GAAP operating margin practices,” and that Autodesk “has voluntarily contacted the Securities and Exchange Commission [. . .] to advise it that an internal investigation is ongoing, and the Committee intends to provide additional information to the Commission as the investigation proceeds.”
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, according to the Complaint.
The Autodesk class action lawsuit further alleges that on April 16, 2024, the Company revealed in a press release that it would not be able to file its 10-K within the 15-day extension period per Rule 12b-25(b) under the Securities Exchange Act of 1934. Accordingly, Autodesk disclosed that it “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, according to the Autodesk class action lawsuit, 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, it fell a further $4.29 per share, or 1.99%, to close at $210.63 on April 18, 2024.
Therefore, according to the Complaint, as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Autodesk’s common shares, investors have suffered significant losses and damages.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/ADSK or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Autodesk you have until June 24, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | info@bgandg.com
