Activist Starboard prepares to launch proxy fight at Autodesk, WSJ reports

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(Reuters) -Activist investor Starboard Value is planning to launch a proxy fight at design-software maker Autodesk, the Wall Street Journal reported on Tuesday.

Starboard, which holds more than a $500 million stake in Autodesk, intends to nominate a minority slate of director candidates ahead of the tech company’s coming annual meeting, the report said, citing people familiar with the matter.

Starboard has accused Autodesk previously of “subpar operational and financial performance” and also said the company “intentionally” misled investors after the company disclosed an accounting issue last year.

In August, the activist investor urged Autodesk to change its CEO and trim costs due to the company missing its financial targets and underperformance.

Autodesk declined to comment on the report, while Starboard did not immediately respond to a Reuters request for comment.

Starboard Value, run by Jeffrey Smith, is one of the world’s most prominent activist investors and has recently been pushing for changes at firms including online-dating company Match Group and business software provider Salesforce.

(Reporting by Harshita Meenaktshi and Angela Christy in Bengaluru; Editing by Rashmi Aich)