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Activist investor Starboard Value has accumulated a $500 million stake in design-software maker Autodesk Inc. (NASDAQ:ADSK).
The activist is pushing for Autodesk (ADSK) to improve its margins and introduce changes to its board, according to a WSJ report on Sunday, which cited people familiar with the matter.
Starboard has met with Autodesk recently to discuss concerns related to the company’s operations, corporate governance and the mishandling of an accounting probe, according to the WSJ. Autodesk has a market cap of $49 billion.
The Starboard stake comes after Autodesk (ADSK) shares fell 6% on April 17 after the company disclosed an internal accounting probe, though they gained 5% on June 3 after the firm said after an audit committee investigation determined that there will be no “restatement or adjustment” related to the probe.
Starboard in private discussions with Autodesk criticized the company for not disclosing the probe and other material updates until after the company’s window for shareholders to nominate director nominees closed in late March, the WSJ said. The activist is evaluating taking legal action to ask for Autodesk’s director-nomination window to be reopened and for the company’s annual shareholder meeting, currently set for July 16, to be delayed.
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