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SAN FRANCISCO, April 16, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has shared an update on its ongoing internal investigation led by the Audit Committee of the company’s Board of Directors. As previously outlined in the Company’s Form 12b-25 filing with the SEC on April 1, 2024, the investigation is being conducted with the support of external legal counsel and advisors. The focus remains on the company's free cash flow and non-GAAP operating margin practices, as disclosed earlier.
So far, the company has not found any issues that would impact its previously released financial statements or the earnings report issued on February 29, 2024. The investigation is still in progress, and all involved parties are working diligently to wrap it up as soon as possible.
The company also announced that it will not be able to file its Annual Report on Form 10-K for the year ended January 31, 2024, within the 15-day extension allowed under Rule 12b-25(b). As a result, Autodesk expects to receive a notice from Nasdaq indicating that it is not in compliance with the timely filing requirements for continued listing. However, this notification is not expected to immediately affect the trading of its shares on the Nasdaq Global Select Market.
Under Nasdaq’s rules, the company will have 60 days from the date of receiving the notification to submit a compliance plan. Nasdaq may grant an additional 180 days from the original due date of the Form 10-K to regain compliance. Autodesk is committed to taking the necessary actions to return to full 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 and potential Nasdaq non-compliance. Actual results could differ significantly based on various factors, such as new findings during the investigation, the timing of the committee’s conclusions, and the review process by the company’s independent auditors.
For more details on potential risks affecting Autodesk’s performance, please refer to its most recent SEC filings, including the Form 10-K for the fiscal year ended January 31, 2023, and subsequent quarterly reports. Autodesk does not assume any obligation to update these forward-looking statements.
Autodesk is transforming how the world is designed and built. With solutions spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment, the company empowers innovators to tackle complex challenges. From sustainable buildings to smarter products and blockbuster films, Autodesk software helps customers create a better future.
For more information, visit autodesk.com or follow @autodesk on social media. #MakeAnything
Autodesk uses its investor relations website, investors.autodesk.com, to disclose important non-public information, announce upcoming investor events, and meet its disclosure obligations under Regulation FD. Please check the site regularly alongside press releases, SEC filings, and public webcasts.
Autodesk, AutoCAD, BIM 360, and Fusion are registered trademarks of Autodesk, Inc., or its subsidiaries. All other brand names and trademarks belong to their respective owners. Autodesk reserves the right to change product features, specifications, or pricing at any time without notice and is not responsible for typographical or graphical errors in this document.
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SOURCE: Autodesk, Inc.