Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 17, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) investors that a class action has been filed on behalf of investors. Outset investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On May 31, Autodesk revealed that executives had improperly influenced financial metrics by shifting charges and payments. Despite this, the company stated it would not restate past financial results. The investigation, which began in April following a delay in filing annual reports, found that spending, collections, and accounts payable decisions were made to impact financial benchmarks. Autodesk did not specify which metrics were affected, raising concerns about the accuracy of past financial reports.
“The audit committee identified areas where decisions about spending, collections, and accounting practices were informed by how they would affect certain company financial metrics,” Autodesk said. Autodesk's stock price surged in March due to strong financial performance, but investor confidence fell in April when the company delayed its annual report, citing the investigation.
The investigation did not find evidence that executive compensation was directly tied to the manipulated metrics, though free cash flow is a factor in compensation packages. In response, Autodesk’s audit committee proposed several remedial actions, including process reviews, reassessment of responsibilities, and strengthening policies.
Chief Financial Officer Deborah Clifford will transition to Chief Strategy Officer, with board member Betsy Rafael stepping in as interim CFO. Autodesk remains restricted in investor communication until its annual report and first-quarter earnings are filed. An investor lawsuit challenging Autodesk’s financial reporting practices is ongoing. The suit seeks redress for investors who bought Autodesk stock between June 1, 2023, and April 16, 2024.
The Complaint alleges that Defendants throughout the Class Period made materially 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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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