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Activist investor Starboard Value has amassed a $500 million stake in design software maker Autodesk Inc. (NASDAQ:ADSK).
The activist is pushing Autodesk (ADSK) to increase profit margins and make changes to its board of directors, according to the Wall Street JournalOn Sunday, sources quoted people familiar with the matter as saying.
According to the Wall Street Journal, Starboard recently met with Autodesk to discuss concerns related to the company’s operations, corporate governance and mishandling of accounting investigations. Autodesk’s market capitalization is $49 billion.
Starboard’s stake comes after Autodesk (ADSK) shares fell 6% on April 17 after the company disclosed an internal accounting investigation, but in June the company said an audit committee investigation determined it would not conduct a “restatement.” It rose 5% on the 3rd.
The Wall Street Journal said Starboard criticized Autodesk in private discussions for not disclosing the investigation and other updates until after the window for shareholders to nominate director candidates closed at the end of March. The campaigners are evaluating legal action to reopen Autodesk’s director nomination window and postpone the company’s annual shareholder meeting, currently scheduled for July 16.
