Former Nuix chief executive Rod Vawdrey warned the company’s management that chances the newly listed software group would hit the revenue targets promised in its prospectus were fading months before investors were told.

The Australian Financial Review has confirmed the internal concerns raised about the projections at two management meetings in early 2021 with three participants, all of whom spoke on condition of anonymity given the confidential nature of the discussions. The company, heavily backed by Macquarie, ultimately missed its guidance, leaving it facing a legal claim from the Australian Securities and Investments Commission.