8-KSecurities & ListingExhibits & Filings

Autodesk, Inc. 8-K Report, Listing Notice (Apr 10, 2007)

Filed April 10, 2007For Securities:ADSK

Summary

This 8-K filing from Autodesk, Inc. (ADSK) dated April 10, 2007, primarily addresses ongoing issues related to delayed financial filings and their impact on the company's NASDAQ listing. Autodesk announced it would be unable to timely file its Annual Report on Form 10-K for the fiscal year ended January 31, 2007. This delay, along with previous delays in filing quarterly reports (10-Q), has resulted in Autodesk receiving an additional notice of non-compliance from the NASDAQ Stock Market. The root cause for these delays is the company's ongoing restatement of financial statements for fiscal years 2003 through 2006, necessitated by adjustments to stock-based compensation accounting due to a voluntary review of past stock option grants. Despite these challenges, Autodesk had previously requested and received a hearing before a NASDAQ Listing Qualifications Panel, which granted continued listing subject to specific information provision and timely filing of delinquent reports. However, the NASDAQ Listing and Hearing Review Council has called the matter for review and stayed the Panel's decision, meaning Autodesk will remain listed during this further review. The company is working diligently to complete these filings and consult with the SEC's Office of Chief Accountant, but there is no guarantee of a further extension from the Listing Council. Investors should monitor Autodesk's progress in resolving these accounting issues and regaining full compliance with listing requirements.

Key Highlights

  • 1Autodesk is unable to file its Form 10-K for the fiscal year ended January 31, 2007, on time.
  • 2The company has received an additional notice of non-compliance from NASDAQ due to delayed filings (10-K and previous 10-Qs).
  • 3The delays are caused by Autodesk's restatement of financial statements for fiscal years 2003-2006 related to stock-based compensation accounting.
  • 4Autodesk had previously obtained a conditional continued listing from a NASDAQ Panel, subject to filing requirements.
  • 5The NASDAQ Listing and Hearing Review Council is now reviewing the matter and has stayed the Panel's decision, allowing Autodesk to remain listed during this review.
  • 6Autodesk's independent auditor has not yet completed its work on the restated financial statements.
  • 7The company plans to consult with the SEC's Office of Chief Accountant before filing restated financials.

Frequently Asked Questions

The primary reason for the delay is Autodesk's ongoing restatement of its financial statements for fiscal years 2003 through 2006. This restatement is related to accounting adjustments for stock-based compensation expense, stemming from a voluntary review of past stock option grants.

Autodesk has received notices of non-compliance from NASDAQ, but it is currently allowed to remain listed while the NASDAQ Listing and Hearing Review Council reviews its case. The company is working to resolve its filing issues and demonstrate compliance, but there is no assurance that the Listing Council will grant a further extension.

Autodesk's independent auditor, Ernst & Young LLP, has not yet completed its audit work on the restated financial statements. The company also plans to seek advice from the SEC's Office of Chief Accountant before filing these statements.

Autodesk states it intends to file its restated financial statements, along with the delinquent quarterly reports (Form 10-Q for quarters ended July 31, 2006, and October 31, 2006) and its annual report (Form 10-K for the fiscal year ended January 31, 2007), as soon as practicable. However, no specific timeline is provided.