FILED: CLASS ACTION AGAINST AUTODESK, INC.

FILED: CLASS ACTION AGAINST AUTODESK, INC.

Post by Tony Tanzill » Fri, 24 Mar 2000 04:00:00



Company Press Release

Milberg Weiss Files Class Action Suit Against Autodesk Inc. and Its Officers and Directors
and Its Investment Banker Alleging Misrepresentations

SAN DIEGO--(BUSINESS WIRE)--March 21, 2000--Milberg Weiss
(http://www.milberg.com/autodesk/) today announced that a class action has been commenced
in the United States District Court for the Northern District of California on behalf of
purchasers of Autodesk, Inc. (``Autodesk'') (Nasdaq:ADSK - news) common stock during the
period between Sept. 14, 1998 and May 4, 1999 (the ``Class Period'').

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel, William Lerach or Darren

class action online at http://www.milberg.com/autodesk/.

The complaint charges Autodesk and certain of its officers and directors and its
investment banker with violations of the Securities Exchange Act of 1934. Autodesk creates
and sells computer-aided-design software for use in the mechanical design and engineering,
architecture, mapping/geographic information systems, civil engineering and education
markets. On August 20, 1998, Autodesk announced the Discreet Logic Inc. (``Discreet
Logic'') acquisition in which it would issue .525 shares of Autodesk stock for each of the
31 million shares of Discreet Logic stock outstanding, i.e., 16.3 million shares. Autodesk
revealed that it would also have to sell three million new shares of stock to the public
at the time of the Discreet Logic acquisition in order to use ``pooling'' accounting. The
complaint alleges that to push Autodesk stock higher, Autodesk, its top officers and their
investment banker/financial advisor made very positive but false statements about strong
continuing demand for Autodesk's existing AutoCAD R14 product line, strong demand for all
its products in Europe, Autodesk's successful diversification of its business due to the
strong sales of its ``vertical'' products resulting in lessened dependence on its AutoCAD
product line and thus the elimination of the AutoCAD ``boom/bust'' cycle, the successful
development and testing and accelerated commercial release of its new R15/AutoCAD 2000
product, the beneficial impact of Autodesk VIP upgrade program, the lack of any negative
impact on Autodesk's business due to Y2K issues, plus the limited dilutive impact of
Autodesk's acquisition of Discreet Logic, all of which would result in Autodesk achieving
F00 (to end Jan. 31, 2000) revenues of $1+ billion, earnings per share (``EPS'') of
$2.45-$2.55 and 20%-25% yearly EPS growth during F99-F01. These representations
artificially inflated the price of Autodesk stock to a Class Period high of $49-7/16 in
January 1999. This more than 100% upsurge in Autodesk's stock price not only enabled
Autodesk to successfully complete the Discreet Logic acquisition in March 1999, but to
sell three million new Autodesk shares to the public at $41 per share for over $120
million. But then on May 4, 1999, Autodesk revealed that its F00 results were, in fact,
going to be much worse than earlier forecast due to poor sales of R15/AutoCAD 2000 and
weak sales in Europe. Autodesk's stock immediately collapsed, falling by almost 25% in one
day to $22-1/4 and later to as low as $19-3/4.

Plaintiff seeks to recover damages on behalf of all purchasers of Autodesk common stock
during the Class Period (the ``Class''). The plaintiff is represented by Milberg Weiss
Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud.

Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities
and antitrust class actions, for more than 30 years. The firm has offices in New York, San
Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending
in federal and state courts throughout the United States. The firm's reputation for
excellence has been recognized on repeated occasions by courts which have appointed the
firm to major positions in complex multi-district or consolidated litigations. Milberg
Weiss has taken a lead role in numerous important actions on behalf of defrauded
investors, and has been responsible for a number of outstanding recoveries which, in the
aggregate, total approximately $2 billion.

--
/*********************************************************/
/*    Tony Tanzillo     Design Automation Consulting     */
/* Programming & Customization for AutoCAD & Compatibles */
/* ----------------------------------------------------- */

/*    http://ourworld.compuserve.com/homepages/tonyt     */
/*********************************************************/

 
 
 

FILED: CLASS ACTION AGAINST AUTODESK, INC.

Post by Reini Urb » Fri, 24 Mar 2000 04:00:00


and now please again, explained for the beginners...

shares are in a all-time high, so what's the point?
why and to what degree they fell nobody could foresee, or?
  (A2000 is IMHO the very best release so far)


>Company Press Release
>Milberg Weiss Files Class Action Suit Against Autodesk Inc. and Its Officers and Directors
>and Its Investment Banker Alleging Misrepresentations

--
Reini Urban
http://xarch.tu-graz.ac.at/autocad/news/faq/autolisp.html

 
 
 

FILED: CLASS ACTION AGAINST AUTODESK, INC.

Post by Dennis Shi » Fri, 24 Mar 2000 04:00:00



>and now please again, explained for the beginners...

>shares are in a all-time high, so what's the point?

As the document at the referenced URL alleges - false and misleading
statements to artificially inflate the value of Autodesk stock. Not
having read any rebuttal, this is just what the document alledges.
Private, outside shareholders could have been damaged by such alledged
action(s).

Quote:>  (A2000 is IMHO the very best release so far)

I strongly dissagree. Many of the "features" are useless to me when
dealing with really large files. Plotting continues to be a mystery. I
can't trust the stability much more than R13. These are just my
personal observations which could be the result of a lack of
commitment to or understanding of what A2K brings to the party.
 
 
 

FILED: CLASS ACTION AGAINST AUTODESK, INC.

Post by Reini Urb » Sun, 26 Mar 2000 04:00:00



>>  (A2000 is IMHO the very best release so far)

>I strongly dissagree. Many of the "features" are useless to me when
>dealing with really large files.

hmm, really large files are still best done in acad. r14 brought big
advantages.
other programs either blow them up too much (catia, ideas, ...) or
cannot handle the geometric database optimizations that good.
(selecting, osnap, IO)

Quote:>Plotting continues to be a mystery.

agreed.
before it was only the HPGL driver, now it's the whole system, which
seems to act as the former HPGL driver in interaction with the window
printing system. (plot rotations and placements, some bugs)
I don't think that we can blame Adesk and HP alone, I think it's also
Microsoft (though that seems to be too easy)

Quote:>I can't trust the stability much more than R13.

Not as good as R12, but better than R14. in my case it only crashes with
homebrewn arx problems or dragging functions, esp. with splines and the
new objects.

Quote:>These are just my personal observations which could be the result of a lack of
>commitment to or understanding of what A2K brings to the party.

as mine.
--
Reini Urban
http://xarch.tu-graz.ac.at/autocad/news/faq/autolisp.html
 
 
 

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