A Nuix director has conceded that he sometimes did not read board papers ahead of meetings and largely relied on the judgment of others on the board and the company’s management when considering what financial information the software firm needed to disclose to investors.

Iain Lobban, who dialled in to the Federal Court from London on Friday, said the board discussed whether it needed to amend its guidance to investors once it learned the company might miss its $193 million statutory revenue target but decided to conduct its own analysis.