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SAN FRANCISCO, April 16, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has shared an update on its ongoing internal investigation, which is being led by the company’s Audit Committee. As previously outlined in the Company's Form 12b-25 filing with the Securities and Exchange Commission on April 1, 2024, the investigation—supported by external legal counsel and advisors—is focused on the company’s free cash flow and non-GAAP operating margin practices.
The scope of the investigation remains unchanged from what was disclosed earlier, and the company currently does not believe that any issues under review have impacted prior financial statements or the information released in its February 29, 2024 earnings report. The investigation is still in progress, and all involved parties are working hard to finalize their findings.
The company 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 period allowed under Rule 12b-25(b). As a result, it expects to receive a notice from Nasdaq indicating that 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 common stock on the Nasdaq Global Select Market.
Under Nasdaq’s rules, the company has 60 calendar days from the date it receives the notification to submit a plan of compliance. Nasdaq may grant up to 180 additional days from the original due date of the Form 10-K to regain compliance. Autodesk is committed to taking all necessary steps to meet these requirements as quickly as possible.
This press release includes forward-looking statements that involve risks and uncertainties. These include expectations about the timeline and outcome of the internal investigation, potential non-compliance with Nasdaq rules, and other statements that are not historical facts. Actual results could differ significantly due to various factors, such as new findings during the investigation, the timing of conclusions by the Audit Committee, and the review process by the company’s independent auditors.
More details about potential risks affecting Autodesk’s financial performance can be found in its previous SEC filings, including the Form 10-K for the fiscal year ended January 31, 2023, and subsequent quarterly reports. Autodesk does not undertake to update these forward-looking statements after the date they were made.
Autodesk is transforming how the world is designed and built. With solutions spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment, Autodesk empowers innovators to tackle complex challenges. From more sustainable buildings to smarter products and blockbuster films, Autodesk software helps customers create a better future. Learn more at autodesk.com or follow @autodesk on social media using #MakeAnything.
For important disclosures and updates, Autodesk uses its investor relations website, investors.autodesk.com. This site is where material non-public information is announced, along with details about upcoming investor events and compliance with Regulation FD. Be sure to check the site regularly in addition to following official press releases, SEC filings, and public webcasts.
Autodesk, AutoCAD, BIM 360, and Fusion are registered trademarks of Autodesk, Inc., or its subsidiaries and affiliates in the U.S. and other countries. All other brand names, product names, or trademarks are the property of their respective owners. Autodesk reserves the right to change product offerings, specifications, and pricing at any time without notice and is not liable for typographical or graphical errors in this document.
© 2024 Autodesk, Inc. All rights reserved.
SOURCE: Autodesk, Inc.