Activist Starboard amasses Autodesk stake, weighs suit over delayed probe disclosure
Publishing timestamp: 2024-06-17 08:57:23
Summary
Activist investor Starboard Value has a $500 million stake in software maker Autodesk and is considering legal action over the company's delayed disclosure of an internal investigation into accounting malfeasance. The investigation found that executives manipulated billing structure to inflate free cash flow and operating margin numbers. Starboard is concerned about the timing of the disclosure and is considering legal action to compel reopening of Autodesk's nominating window and delay of its annual meeting.
Sentiment: NEGATIVE
Tickers: ADSK,
Keywords: breaking news: markets, markets, breaking news, technology, business news, autodesk inc, breaking news: technology,
Source: https://www.cnbc.com/2024/06/17/autodesk-adsk-starboard-activist-probe-sec-lawsuit.html