NEW YORK, April 26, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”).

The Complaint alleges that Defendants 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 Complaint also alleges that on April 1, 2024 the Company 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%.

The Complaint also 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%.

Investors who purchased or otherwise acquired shares of Autodesk should contact the Firm prior to the June 24, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.