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Text File  |  1993-01-08  |  1KB  |  17 lines
  1. AUTODESK ANNOUNCES SETTLEMENT OF CLASS ACTION LAWSUIT
  2.  
  3. Sausalito, CA - December 9, 1992 - Autodesk, Inc. (NASDAQ:ACAD) announced
  4. that it has reached a settlement in principle of a shareholder class action
  5. lawsuit filed against the Company in February 1992. Under the proposed
  6. settlement, the Company would pay $5 million to shareholders who purchased
  7. Autodesk stock between May 6, 1991 and January 30, 1992. The settlement is
  8. subject to execution of final agreements and approval by the United States
  9. District Court for the Northern District of California.
  10.  
  11. The Company continues to strongly deny any wrong doing on its part, or the
  12. part of the other named defendants. However, the Autodesk Board of
  13. Directors, seeking to eliminate the burdens and expenses that protracted
  14. litigation would impose, believes that management time and corporate
  15. resources are better spent furthering the Company's strategic direction.
  16. This settlement will result in a one-time charge against earnings of
  17. approximately 12 cents per share in the quarter ending January 31, 1993.