Autodesk's annual meeting still on track after judge denies investor's attempt to delay

By Mike Murphy

Autodesk Inc.'s annual shareholders meeting will be held as scheduled on July 16, the software company said Thursday, after a judge rejected a bid to delay the meeting.

Autodesk (ADSK) confirmed the meeting date after it said the Delaware Court of Chancery had denied a plaintiff's motion to expedite litigation seeking to delay the meeting.

Earlier this week, activist investor Starboard Value, which disclosed a large stake in Autodesk, sued the company - seeking to delay the annual meeting and reopen the window to nominate board members.

Starboard claimed Autodesk "misled" shareholders by failing to disclose an internal investigation into its accounting practices until after the window to nominate new directors had closed in March. Starboard is seeking new board members, as well as cost cuts and a share repurchase to boost shareholder value.

In a statement Thursday, Autodesk said it "is always open to input from its investors and remains focused on delivering sustainable stockholder value."

Starboard did not immediately respond to a request for comment.

In late May, Autodesk said the internal investigation had found no fault in its accounting practices and that there was no need to restate or adjust any financial statements. In its annual report filed earlier this month, Autodesk said it was cooperating with the Securities and Exchange Commission and the U.S. Attorney's Office following its internal probe.

Autodesk shares slipped 1.4% in after-hours trading Thursday. Its shares have rallied about 9% over the past five trading days, but are flat this year to date.

-Mike Murphy

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06-20-24 1925ET

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