As previously disclosed, in response to the first notice of non-compliance, Autodesk requested a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"). Following the hearing, the Panel granted Autodesk's request for continued listing subject to requirements that Autodesk provide certain information relating to the Audit Committee's investigation, and that Autodesk file the Forms 10-Q and any necessary restatements prior to prescribed regulatory time limits. Autodesk has submitted the requested information to the Panel.
In addition to the Panel's decision, the NASDAQ Listing and Hearing Review Council (the "Listing Council") has called Autodesk's matter for review. The Listing Council has requested that Autodesk provide an update on its efforts to file the delayed Form 10-K. Autodesk intends to comply with this request. In addition, the Listing Council has stayed the Panel's decision that required Autodesk to file the Forms 10-Q by the prescribed date. Autodesk will remain listed during the Listing Council's review.
Autodesk is working diligently to complete all necessary filings and thereby demonstrate compliance with all applicable requirements for continued listing on the NASDAQ Global Select Market; however, there can be no assurance that the Listing Council will determine to grant the Company a further extension following its review of the forthcoming submission.
Autodesk's independent auditor, Ernst & Young LLP, has not yet completed its work with regard to Autodesk's restated financial statements. In addition, Autodesk is planning to seek the advice of the Office of Chief Accountant at the Securities and Exchange Commission before filing its restated financial statements. Autodesk intends to file its restated financial statements, as well as its delinquent quarterly reports on Form 10-Q for the quarters ended July 31, 2006 and October 31, 2006 and its annual report on Form 10-K for fiscal year ended January 31, 2007, as soon as practicable.
Autodesk, Inc. is the world leader in 2D and 3D design software for the manufacturing, building and construction, and media and entertainment markets. Since its introduction of AutoCAD software in 1982, Autodesk has developed the broadest portfolio of state-of-the-art digital prototyping solutions to help customers experience their ideas before they are real. Fortune 1000 companies rely on Autodesk for the tools to visualize, simulate and analyze real-world performance early in the design process to save time and money, enhance quality and foster innovation. For additional information about Autodesk, visit www.autodesk.com .
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Web site: http://www.autodesk.com//