Starboard loses first legal fight against Autodesk. The battle is just starting [Video]

Company: Autodesk (ADSK)

Activist: Starboard Value

What’s happening

On June 17, Starboard sent a letter to Autodesk’s shareholders announcing that it is filing a lawsuit to compel the company to delay its 2024 annual meeting, scheduled for July 16, and to reopen the director nomination window. This follows Autodesk’s delayed disclosure of an internal investigation into reporting irregularities that Starboard says may have misled and possibly disenfranchised shareholders. The Delaware Chancery Court ruled against Starboard on June 20, but the activist still thinks that Autodesk requires board enhancement, as well as improved growth and profitability through operational performance, capital allocation policies and investor communications.

Behind the scenes