If you suffered losses in Autodesk stock, contact Timothy L. Miles about an Autodesk class action lawsuit
Overview of the Autodesk Class Action Lawsuit
The Autodesk class action lawsuit aims to represent investors who acquired publicly traded securities of Autodesk, Inc. (NASDAQ: ADSK) between June 1, 2023, and April 16, 2024, known as the "Class Period." The lawsuit, captioned Barkasi v. Autodesk, Inc., No. 24-cv-02431 (N.D. Cal.), alleges that Autodesk and certain top executives violated the Securities Exchange Act of 1934 by making false and misleading statements regarding the company's internal controls, free cash flow, and non-GAAP operating margin practices.
Allegations Against Autodesk in the Class Action Lawsuit
The Autodesk class action lawsuit centers around three primary allegations:
False and Misleading Statements According to the lawsuit, Autodesk and its executives made false and/or misleading statements throughout the Class Period, failing to disclose that the company lacked adequate internal controls due to issues with its free cash flow and non-GAAP operating margin practices. Free Cash Flow Internal InvestigationOn April 1, 2024, Autodesk revealed that it would be unable to file its Annual Report on Form 10-K for the fiscal year ended January 31, 2024, within the prescribed time frame. The company disclosed that its Audit Committee had commenced an internal investigation, with assistance from outside counsel and advisors, regarding Autodesk's free cash flow and non-GAAP operating margin practices. Autodesk also voluntarily contacted the Securities and Exchange Commission (SEC) to inform them of the ongoing internal investigation. Following this announcement, Autodesk's stock price reportedly fell by more than 4%. Non-Compliance with NASDAQ Listing Requirements On April 16, 2024, Autodesk disclosed that it would not file its Annual Report on Form 10-K within the 15-day extension period allowed under the Securities Exchange Act of 1934. As a result, the company expected to receive a notice of non-compliance from the NASDAQ Stock Market regarding the timely filing requirement for continued listing under NASDAQ Listing Rule 5250(c)(1). This news allegedly caused Autodesk's stock price to decline by more than 7%. Lead Plaintiff Deadline in the Autodesk Class Action Lawsuit
Investors who wish to serve as the lead plaintiff in the Autodesk class action lawsuit must file a motion with the court no later than June 24, 2024. The lead plaintiff is typically the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
Choices for Investors Receiving a Notice
If you receive a notice regarding the Autodesk class action lawsuit, you have two options:
Proving Securities Fraud in the Autodesk Class Action Lawsuit
To prevail in the Autodesk class action lawsuit, the plaintiffs must establish the following elements:
Stages of the Autodesk Class Action Lawsuit
The Autodesk class action lawsuit will progress through several stages before resolving:
The Lead Plaintiff Process in the Autodesk Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 (PSLRA) allows any investor who purchased Autodesk securities during the Class Period and suffered losses to seek appointment as lead plaintiff in the Autodesk class action lawsuit. The lead plaintiff acts on behalf of all other class members, directing the class action lawsuit and selecting legal representation.
Serving as the lead plaintiff offers several benefits, including negotiating more competitive attorney fees, managing the litigation, participating in any decision concerning the settlement of the case, and potentially influencing governance reform resulting from the lawsuit. However, lead plaintiffs also have responsibilities, such as selecting and overseeing lead counsel, reviewing court filings, discussing litigation strategies, attending depositions and hearings, and providing input on any decision concerning the settlement of the securities class action. Non-U.S. Investors and the Autodesk Class Action Lawsuit
U.S. courts have consistently recognized that non-U.S. investors with substantial holdings in Autodesk stock have the same right as U.S. investors to move for lead plaintiffs in the class action lawsuit. If a non-U.S. investor suffered losses in Autodesk securities during the Class Period, they may move the Court to be appointed as a lead plaintiff.
Frequently Asked Questions About the Autodesk Class Action LawsuitCan I serve as a lead plaintiff if I purchased shares outside the class period?
No, even if you suffered losses in Autodesk stock if you purchased securities outside of the Class Period, you will not be able to participate in the Autodesk class action lawsuit.
Will the lead plaintiff receive more compensation if the lawsuit settles?
No, the lead plaintiff is only entitled to their pro rata share of any recovery. However, the court may approve reasonable costs and expenses that directly relates to the representation of the class.
Can I serve as a lead plaintiff if I am already a lead plaintiff in another securities fraud case?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Autodesk stock, you may move to be appointed lead plaintiff in the Autodesk class action lawsuit.
Can the court appoint more than one lead plaintiff in the Autodesk lawsuit?
Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Autodesk class action lawsuit.
Can I serve as lead plaintiff in the Autodesk class action lawsuit if I sold my shares?
Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Autodesk lawsuit.
How was the class period determined in the Autodesk lawsuit?
In a securities fraud class action, the class period refers to a period in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure. To be a part of the class in the Autodesk lawsuit, you must have suffered losses in Autodesk stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Autodesk.
How can an Autodesk stock loss Lawyer help me in the Autodesk class action lawsuit?
An Autodesk stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals such as the Autodesk lawsuit. Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions. One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
How do I know if I am a member of the class in the class action against Autodesk?
If you purchased shares during the class period and suffered losses in Autodesk stock, then you are most likely a member of the class in the Autodesk lawsuit and may participate in the Autodesk lawsuit since you suffered losses in Autodesk stock.
How much does it cost to hire an Autodesk stock loss lawyer?
If you suffered losses in Autodesk stock and are a member of the class, it does not cost anything to hire an Autodesk stock loss lawyer. Our firm litigates securities fraud cases on a contingent fee basis, so plaintiffs and the class do not pay attorneys’ fees or court costs unless there is a recovery, and the attorney fees and costs are awarded by the court as a percentage of the total recovery for the class.
CONTACT AN AUTODESK STOCK LOSS LAWYER TODAY ABOUT AN AUTODESK CLASS ACTION LAWSUIT
If you suffered losses in Autodesk stock, contact Autodesk stock loss lawyer Timothy L. Miles today for a free case evaluation about an Autodesk class action lawsuit. Call today and see what an Autodesk stock loss lawyer could do for you if you suffered losses in Autodesk stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] AUTODESK STOCK LOSS LAWYER TIMOTHY L. MILESNashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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