Autodesk ADSK has been in a turbulent phase with several notable incidents including an accounting probe which discovered manipulation of financial metrics.
Activist investor Starboard has accumulated a stake in Autodesk, raising concerns and weighing a lawsuit over the delayed revelation of the probe.
Starboard's bid to block an Autodesk director vote was unsuccessful, stirring conversations about shareholder opportunities to lead securities fraud lawsuits. However, Autodesk stock demonstrates strong momentum, jumping notably after Starboard's report pushing for change. Various investment firms like Meyer Handelman Co., Rise Advisors LLC, and Wellington Management Group LLP have either bought or increased stakes in Autodesk. Simultaneously, some entities, including Massmutual Trust Co., B. Riley Wealth Advisors Inc., and Spartan Planning & Wealth Management, reduced their holdings. Autodesk confirmed an annual stockholders meeting, despite efforts to delay it by investor Starboard Value. A consistent theme across brokerages is a consensus recommendation of “Hold”. Autodesk's Q1 earnings were positive, beating expectations and resulting in a stock surge. Yet, the company faces a class action lawsuit for alleged securities fraud. Finally, Starboard Value publicly asked the Autodesk board for changes, leading to more stock gains.
Autodesk ADSK News Analytics from Fri, 31 May 2024 07:00:00 GMT to Sun, 23 Jun 2024 16:12:18 GMT -
Rating 3
- Innovation -2
- Information 8
- Rumor -7
