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Activist Starboard sues Autodesk in bid to mount proxy fight

·1 min

Starboard Value has filed a lawsuit against software maker Autodesk, aiming to delay the annual meeting and reopen the board nominating window. The activist investor wants to mount a proxy fight and submit its proposals within the specific window. Starboard disclosed a stake in Autodesk valued at over $500 million, causing the company’s shares to rise more than 7%. Starboard alleges that Autodesk deliberately waited until the window closed before disclosing the delay of its annual report and launch of an internal investigation into accounting irregularities and financial misreporting. Autodesk has refused Starboard’s requests to reopen the nominating window and delay the annual meeting.