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Top related persons:
Deborah Clifford - 3 Max - 1 Russell - 1 Clifford - 1 bode - 1 Sachem - 1 Andrew Anagnost - 1 designees - 1
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Delaware Autodesk's Delaware Chancery
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Autodesk - 3 SEC - 2 Engineering - 1 Manufacturing - 1 Media - 1 Entertainment - 1 Manufacturing Solutions - 1 Wonder - 1

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3 mentions found


☆ Starboard loses initial legal fight against Autodesk, but the battle may just be beginning
  + stars: | 2024-06-22 | by ( Kenneth Squire | ) www.cnbc.com   time to read: +10 min
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. With 90%+ gross margins and 35% operating margins, Autodesk is a leader in AEC software. Further, its operating margins are not much worse than those of its peers at first blush. However, Starboard correctly does not judge the company's operating margins on the mean of its peer set, but by the potential embodied in its gross margins and market position. He no longer serves on the board of Autodesk, but he could certainly be an informal advisor to Starboard – or a cautionary tale for Autodesk.
Persons: Max, Russell, Deborah Clifford, Clifford, bode, Sachem, Andrew Anagnost, designees, Rick Hill, Hill, designee, Ken Squire Organizations: Autodesk, Engineering, Manufacturing, Media, Entertainment, Manufacturing Solutions, Wonder, Delaware Chancery, —, U.S . Securities, Exchange Commission, Delaware Court, Marvell Technology, Symantec, 13D Locations: Delaware, Autodesk's
☆ Activist Starboard sues Autodesk in bid to mount proxy fight
  + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +2 min
Starboard Value sued software maker Autodesk on Monday to delay the company's annual meeting and reopen the board nominating window and allow the activist to mount a proxy fight. Activists can typically only begin a proxy fight, involving the nomination of a slate of directors to replace the existing board, if they submit their proposals within a specific window. Starboard confirmed in a letter on Monday that it has a stake in Autodesk valued at more than $500 million. The company waited until April 1 to tell shareholders about the investigation, filings show, which was more than a week after the nominating window had closed. An Autodesk representative referred CNBC to its prior statements on the matter, where it said it would refuse Starboard's requests to reopen the nominating window and delay the annual meeting.
Persons: Deborah Clifford Organizations: Autodesk, SEC, CNBC Locations: Delaware Chancery
☆ Activist Starboard amasses Autodesk stake, weighs suit over delayed probe disclosure
  + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +3 min
Starboard's stake is valued at roughly $500 million, according to people familiar with the matter. The results of that probe led to the ouster of Autodesk's then-CFO, Deborah Clifford, who was moved to a different executive role within Autodesk. The probe found that executives manipulated reporting tied to company's contract billing structure, as Autodesk shifted back to upfront payments from annualized payments, to improve those metrics. The delayed disclosure came a little more than a week after the deadline to nominate directors closed. Starboard is weighing legal action in Delaware Chancery court to compel the reopening of Autodesk's nominating window and the delay of Autodesk's annual meeting, the people said.
Persons: Jeff Smith, Autodesk's, Deborah Clifford, Marc Benioff's Salesforce Organizations: Autodesk, Securities and Exchange Commission, Cisco, Wall Street, Sachem, Capital Management, Eminence Capital, Justice Department, SEC Locations: Delaware
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