Autodesk, Inc. (ADSK) Securities Fraud 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.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the ADSK securities class-action case about?

We are investigating whether Autodesk may have inflated its operating margin and free cash to make it seem financially stronger than it really was.

WHAT SHOULD I DO?

I worked at ADSK. What should I do?

If you were an employee of ADSK, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in ADSK, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any ADSK investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.