October
ACCC sues Microsoft; Nuix CEO quits; Goldman’s 12 ASX picks
Read everything that’s happened in the news so far today.
August
Nuix legal costs top $40m, as investors punish earnings miss
Nuix adds $10.6m to its legal bill, as the software company defends an investor class action. Its earnings guidance on Monday was described as “vague”.
July
Nuix CEO ‘keynotes’ his own sales pitch
The “rule rewriting” chief was “pleased to announce” he’d be headlining his own conference.
December 2024
ASIC signs $10m contract extension with Nuix
The Australian Securities and Investments Commission agreed to a three-year extension with Nuix despite pursuing the company in the Federal Court.
April 2024
Insufficient evidence to charge Nuix boss with insider trading: ASIC
The regulator has closed its probe into chief executive Jonathan Rubinsztein, whose share purchase coincided with a US company’s approach about an asset sale.
December 2023
Inside the frantic months after Nuix hit the ASX – and the skids
Now the subject of legal action by the regulator, new details show what was going on at the top of a hot tech stock which crashed back to earth.
Morgan Stanley was warned about ‘unusual’ Nuix targets in 2020
The investment bank was a co-lead manager for the software company’s disastrous 2020 float, shortly after which Nuix said it would not meet its forecasts.
Directors expected Nuix to make up lagging performance, court told
Nuix directors relied on performance data from management, which indicated the tech stock would get itself out of trouble in time to hit prospectus guidance.
Nuix share slump should have sparked concern about forecasts: ASIC
In its closing arguments in the long-running dispute, the regulator says directors must have known that the market did not believe they would hit targets.
Ex-Nuix chair was in ‘state of shock’ after share price slump
Jeffrey Bleich said he was convinced by management that the firm could turn itself around and that is why they did not disclose its poor performance to investors.
Nuix director concedes he didn’t read board papers
Iain Lobban told the Federal Court he largely relied on others on the board and management when considering what should be disclosed to investors.
November 2023
ASIC witness concedes ground on Nuix accounting forecasts
ASIC’s accounting expert said that annualised contract value – the measure by which Nuix records much of its performance – was an imperfect measure.
ASIC’s advice was ‘in the teeth’: Nuix
It has claimed public guidance provided by the Australian Securities and Investment Commission around disclosure contradicts the case brought by the corporate regulator.
Disappointing Nuix kept quiet after $1.8b float
Nuix has been accused of misleading the market by not divulging a failure to meet financial targets presented during its $1.8 billion IPO.
September 2023
Tax authorities visit Nuix to secure files in pre-IPO claims probe
A presentation prepared by Macquarie months before its float said the company needed to maintain a low tax rate to prevent a “negative impact on the valuation”.
August 2023
Brother of Nuix CFO had swipe card for office before share sales
Former Nuix CFO Stephen Doyle’s brother Ross was working out of the company’s head office when he raised $17.8 million in share sales, Senate inquiry told.
ASIC secretly investigated Macquarie over conflict of interest claims
The regulator found “no evidence” of inappropriate activity relating to the Nuix IPO, it has said in a submission to a Senate inquiry.
Nuix boss has ‘nothing to hide’ as shares fall 12pc
Jonathan Rubinsztein has defended his purchase of shares amid a possible takeover discussion, as the investigation software company narrowed losses for the year.
June 2023
ASIC ‘addicted’ to secrecy, parliamentary committee claims
A Coalition-dominated committee claims ASIC has attempted to undermine an inquiry into the regulator’s performance.
Nuix board split under insider trading cloud
At least one director was up in arms that the Nuix CEO had been permitted to buy stock while a takeover discussion with US-based software player Reveal was under way.