Morgan Stanley, the co-lead manager of the disastrous Nuix float in 2020, was warned about problems with the software company’s revenue forecasts, as well as “unusual” clauses that transferred risk to the company’s investors, just weeks before its listing.

Nuix remains under intense scrutiny after a four-week trial brought by the regulator wrapped up this week. The Australian Securities and Investment Commission alleges that Nuix, and four directors, were too slow to correct the announcements that assured investors it was on track to meet its revenue guidance even though it was not.