12:58 PM EDT, 07/02/2024 (MT Newswires) -- Autodesk's ( ADSK ) management and board followed best practices in connection with an internal audit "that largely cleared the company of serious wrongdoing," Oppenheimer said Tuesday in a report, citing a discussion with Daniel Taylor, a professor at The Wharton School.

The Securities and Exchange Commission "tends to provide leniency to self-reporters," Oppenheimer said. "The SEC also gives deference to internal investigations, which we view as extremely favorable with the audit not requiring restatement of past financials."

Taylor said should the SEC find wrongdoing, it would most likely be a disclosure issue, involving a civil penalty, because of misleading statements, according to the report.

"Assuming Autodesk ( ADSK ) avoids charges of accounting fraud, Taylor estimated any civil penalty from an SEC investigation would fall in the single-digit millions," the firm said. Concerns over a "possible SEC overhang appear overblown," Oppenheimer said.

Oppenheimer maintained Autodesk's ( ADSK ) outperform rating and $275 price target.

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