What's Going On With Autodesk Stock After Hours?

Shares of application software company Autodesk Inc ADSK are moving lower after the close on Tuesday following an update from the company on its delayed quarterly report.

What Happened: Earlier this month, Autodesk announced an internal investigation was being conducted by its board’s audit committee after information was brought to the attention of management related to the company’s earnings release in February.

Autodesk said this week that the committee commenced an internal investigation regarding the company’s free cash flow and non-GAAP operating margin practices.

“The subject of the internal investigation remains the same as previously disclosed, and the Company currently does not believe that any of the matters under investigation affect any previously issued financial statements or the information in the Company’s earnings release on February 29, 2024. As of today, the investigation is ongoing and all parties continue to work diligently to complete the investigation,” the company said in a press release.

As a result of the ongoing investigation, Autodesk said it’s unable to file its annual report for the year ended Jan. 31, 2024, within the 15-day extension period. Accordingly, the company expects to receive a Nasdaq notice informing the company that it is not in compliance with the timely filing requirement for continued listing under Nasdaq rules.

“The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable,” Autodesk said.

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ADSK Price Action: Autodesk shares were down 3.62% Tuesday after-hours at $220, per Benzinga Pro.

Photo: Courtesy of Autodesk.