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Autodesk, Inc. Class Action Lawsuit - ADSK

29 days left to seek lead plaintiff status

Case Summary

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The Autodesk class action lawsuit seeks to represent purchasers or acquirers of Autodesk, Inc. (NASDAQ: ADSK) publicly traded securities between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”).  Captioned Barkasi v. Autodesk, Inc., No. 24-cv-02431 (N.D. Cal.), the Autodesk class action lawsuit charges Autodesk and certain of Autodesk’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Autodesk class action lawsuit, please provide your information in the form on this page.  You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the Autodesk class action lawsuit must be filed with the court no later than June 24, 2024.

CASE ALLEGATIONS: 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.”

The Autodesk class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that Autodesk lacked adequate internal controls as a result of issues with its free cash flow and non-GAAP operating margin practices.

The Autodesk class action lawsuit further alleges that on April 1, 2024 Autodesk revealed that it would be “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 after Autodesk’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 [Autodesk], that caused the Committee to commence 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 more than 4%, according to the Autodesk class action lawsuit.

Then, the Autodesk class action lawsuit further alleges that on April 16, 2024 Autodesk disclosed that it “will not file its Annual Report on Form 10-K for the year ended January 31, 2024 . . . within the 15-day extension period contemplated by Rule 12b-25(b) under the Securities Exchange Act of 1934” and that “[a]ccordingly, [Autodesk] 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, the price of Autodesk fell more than 7%, according to the Autodesk class action lawsuit.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Autodesk publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Autodesk class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Autodesk class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Autodesk class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Autodesk class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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