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SAN FRANCISCO, April 16, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has shared an update regarding its ongoing internal investigation, which is being conducted by the company's Audit Committee. As previously disclosed in the Company’s Form 12b-25 filing with the SEC on April 1, 2024, the Committee initiated an internal review with the help of external legal counsel and advisors. This review focuses on the company’s free cash flow and non-GAAP operating margin practices.
The scope of the investigation remains unchanged from what was previously reported, and the company currently does not believe that any matters under review have impacted previously issued financial statements or the information provided in the February 29, 2024 earnings release. The investigation is still in progress, and all parties involved are working diligently to complete it as soon as possible.
A photo accompanying this announcement shows a representative from Autodesk, highlighting the official nature of the statement. The image is titled “(PRNewsfoto/Autodesk, Inc.)â€.
Due to the ongoing investigation, Autodesk will not file its Annual Report on Form 10-K for the year ended January 31, 2024, within the 15-day extension period allowed under Rule 12b-25(b). As a result, the company expects to receive a notice from Nasdaq indicating it is not in compliance with the timely filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1). However, this notification is not expected to immediately affect the trading of the company’s stock on the Nasdaq Global Select Market.
Under Nasdaq’s rules, the company will have 60 calendar days from the date of receiving the notification to submit a compliance plan. Nasdaq may grant up to 180 days from the original due date of the Form 10-K to regain compliance. Autodesk is committed to taking the necessary steps to restore compliance as quickly as possible.
This press release includes forward-looking statements that involve risks and uncertainties. These include expectations about the timeline of the internal investigation, potential issues with Nasdaq compliance, and other statements that are not historical facts. Actual results could differ materially due to various factors, such as new findings during the investigation, the timing of the committee’s conclusions, the review by the company’s independent auditors, and the possibility of delays in filing the 10-K.
More details about potential risks affecting Autodesk’s performance can be found in the company’s previous SEC filings, including the Form 10-K for the fiscal year ending January 31, 2023, and subsequent 10-Q reports. Autodesk does not undertake to update these forward-looking statements after the date they were made.
Autodesk is a global leader in design and engineering software, empowering professionals across architecture, construction, manufacturing, media, and entertainment to create innovative solutions. With tools like AutoCAD, BIM 360, and Fusion, the company continues to drive progress in how the world is built and designed.
For more information, visit autodesk.com or follow @autodesk on social media. #MakeAnything
Autodesk uses its investor relations website to disclose important non-public information and to announce upcoming investor events. Investors are encouraged to check the site regularly alongside SEC filings and public webcasts.
All trademarks mentioned are the property of their respective owners. Autodesk reserves the right to change product features, pricing, or specifications at any time without notice. The company is not responsible for any typographical or graphical errors in this document.
© 2024 Autodesk, Inc. All rights reserved.
SOURCE: Autodesk, Inc.