Autodesk delayed filing its 10-K, an annual report required of publicly traded companies by the SEC, because accounting discrepancies had come to light since the company announced its annual results on February 29. The news was not well received by investors and the share price dropped from $259.44 to $248.71, a 4.14 % decrease, it’s lowest point in almost a month.
An announcement of accounting discrepancies is almost never good news for a company and may have triggered a “too good to be true” response to a the Feb 29th report of record revenue (3 straight quarters of revenue growth) and profit (three straight quarters of growth) as reported here.
Forming an external committee to investigate accounting discrepancies is an unusual move. Wouldn’t an investigation of accounting normally be conducted by the CFO? Debbie Clifford has been Autodesk’s CFO for a little over 3 years.
Autodesk has been given a 15-day extension to file the 10-K.
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