The Federal Court today dismissed ASIC’s case against intelligence software provider, Nuix Limited.
The Court found Nuix did not breach its continuous disclosure obligations and did not mislead investors when reaffirming its financial forecasts in early 2021, following its initial public offering (IPO) in December 2020.
The Court also dismissed ASIC’s claims against the Nuix board for alleged breaches of their directors’ duties by failing to take reasonable steps to prevent Nuix from making misleading statements and breaching its continuous disclosure obligations.
ASIC Chair Joe Longo said, ‘Continuous disclosure is a cornerstone of effective capital markets. ASIC pursued this matter because we were concerned investors were not receiving timely and accurate disclosures regarding Nuix’s earnings.’
ASIC will consider the judgment carefully. ASIC has 28 days to file a notice of appeal to the Full Federal Court.
