The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Autodesk, Inc. (ADSK) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Autodesk, Inc. (“Autodesk” or the “Company”) (NASDAQ: ADSK) securities between June 1, 2023 and April 16, 2024, inclusive (the “Class Period”). Autodesk investors have until June 24, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On April 1, 2024, Autodesk disclosed that it would be unable to timely file its annual report due to “an internal investigation with the assistance of outside counsel and advisors, regarding the Company’s free cash flow and non-GAAP operating margin practices.”

On this news, Autodesk’s stock price fell $10.73, or 4.1%, to close at $248.71 per share on April 2, 2024, thereby injuring investors.

Then, on April 16, 2024, the Company disclosed that it would be unable to file its annual report within the 15-day extension period due to the ongoing investigation.

On this news, Autodesk’s stock price fell $13.32, or 5.8%, to close at $214.92 per share on April 17, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Autodesk securities during the Class Period, you may move the Court no later than June 24, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Autodesk securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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