(Reuters) – Activist investor Starboard Value disclosed a more than $500 million stake in Autodesk on Monday and said it was suing the design software maker to delay its annual meeting after a recent accounting probe that tanked the company’s share price.
Starboard said it has “significant concerns” over Autodesk’s operations, governance and accountability to investors.
Its lawsuit, set to be filed in the Delaware Court of Chancery on Monday, seeks to delay the July 16 annual meeting and reopen the company’s director nomination window.
Autodesk did not immediately respond to a request for comment.
Its shares were 5% higher in premarket trading. They are down about 7% this year, as of Friday’s close.
(Reporting by Priyanka.G in Bengaluru; Editing by Sriraj Kalluvila)
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