Autodesk, Inc. (ADSK) Falls After Delaying Annual Report, Contacting SEC – Hagens Berman
2, 2024, the price of Autodesk shares significantly fell after the software company announced that it was probing its own accounting practices.
SAN FRANCISCO, April 05, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Autodesk, Inc. (NASDAQ: ADSK) investors who suffered substantial losses to submit your losses now.
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Autodesk, Inc. (ADSK) Investigation:
On Apr. 2, 2024, the price of Autodesk shares significantly fell after the software company announced that it was probing its own accounting practices. The disclosure has prompted prominent investor rights firm, Hagens Berman, to open an investigation in possible violations of the U.S. Securities laws.
Just months ago, Autodesk pleased investors when it reported its Q4 and FY 2024 financial results, highlighting its Q4 non-GAAP operating margin of 36% and free cash flow of $427 million. In response, the price of Autodesk shares closed $6.57 higher on Mar. 1, 2024.
But that momentum came to a halt on Apr. 2, when Autodesk announced that it would not timely file its annual report for the year ended Jan. 31, 2024. Autodesk said that after its Feb. 29, 2024 earnings release “information was brought to the attention of management” triggering an internal investigation “regarding the Company’s free cash flow and non-GAAP operating margin practices.” Autodesk also said it contacted the SEC about these matters. This news sent the price of Autodesk shares down $10.73 on Apr. 2, 2024.
“We are investigating the propriety of Autodesk’s internal controls over financial reporting,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Autodesk and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Autodesk investigation, read more »
Whistleblowers: Persons with non-public information regarding Autodesk should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
