The Nuix Class Action was commenced in the Supreme Court of Victoria against Nuix Limited (“Nuix”), Macquarie Capital (Australia) Limited and Macquarie Group Limited (“Macquarie”) on behalf of shareholders who acquired Nuix shares in Nuix’s initial public offering (“IPO”) offer period of 26 November 2020 to 2 December 2020, and otherwise on the Australian Securities Exchange (“ASX”) at all times from 4 December 2020 to 29 June 2021 (inclusive) (the “Claim Period”).
Nuix is a company listed on the ASX that provides investigative analytics and intelligence software. It is headquartered in Sydney, Australia and maintains offices in a number of countries including in North America and the Asia Pacific region.
The class action alleges that:
- Nuix offered securities under a prospectus that contained material misstatements and omissions in breach of section 728 of the Corporations Act 2001 (Cth) (“Corporations Act”) including:
a. by providing FY21 Guidance for the 2021 financial year that was materially misleading insofar as it lacked a reasonable basis and was unlikely to be met;
b. by failing to disclose that Nuix was experiencing significant technical, financial forecasting and corporate governance problems that compromised its capacity to meet its financial forecasts;
- Nuix engaged in misleading or deceptive conduct in breach of section 1041H of the Corporations Act during the period 4 December 2020 to 29 June 2021;
- Nuix contravened its continuous disclosure obligations under section 674 of the Corporations Act from 4 December 2020 to 29 June 2021;
- Macquarie as joint lead manager of the IPO also contravened section 728 of the Corporations Act and was knowingly involved in Nuix’s contraventions of its continuous disclosure obligations and misleading and deceptive conduct; and
- The above conduct enabled Nuix shares to be offered at a higher IPO price than would have been otherwise reasonably possible and caused the shares to be traded on the ASX at an inflated price throughout the Claim Period.
The class action is being funded and run as a litigation funding scheme (the “Scheme”).
Persons who acquired Nuix Limited ordinary securities during the Claim Period may be eligible to participate in the Scheme as an Active General Member by completing and returning the Application Form to Woodsford Australia Limited. Woodsford Australia has an Australian Financial Services Licence (AFSL) and will operate the Scheme as a ‘responsible entity’.
The lawyers engaged by the lead applicants in the class action are Phi Finney McDonald.
How to become an Active General Member of the Scheme?
Click on the “REGISTER YOUR INTEREST” button below to receive further information about the class action and how to apply to become an Active General Member, including:
a Product Disclosure Statement;
a Supplementary Product Disclosure Statement;
an Application Form;
a Target Market Determination; and
a Financial Services Guide;