Shine Lawyers launch class action on embattled Nuix after listing rout
Shareholders have taken aim at Nuix alleging the company failed to keep the market informed after it listed.
Macquarie may be set to wear the costs of the turmoil at troubled tech company Nuix after a shareholder class action landed on Monday alleging the company failed to update the market.
Shine Lawyers launched a class action claim against Nuix, alleging shareholders were misled.
The class action was filed on behalf of William Lay and persons who acquired interests in Nuix shares in the period between November 18, 2020, and May 30, 2021.
Shine Lawyers alleges Nuix contravened multiple corporate laws, failing to properly disclose its forecast revenue for 2021.
Macquarie, which took Nuix to market and owned much of the business, is noted in the prospectus as offering the tech company various “insurances, including prospectus liability and director and officer (D&O)” through the Macquarie Insurance Facility.
These insurances may offer Nuix cover for losses arising from Shine’s class action.
Nuix shares were savaged in a series of sell downs after the company failed to meet expectations, later slashing forecasts for revenue projected in the company’s prospectus.
Nuix confirmed in a statement that it had received the claim and said it disputed the allegations.
Shine Lawyers class actions practice leader Craig Allsopp said the firm’s investigation had revealed that the “company’s prospectus and financial forecasts may have misrepresented or omitted financial information and potential risks, which was misleading and deceptive to investors.
“This inflated forecast has ultimately cost shareholders hundreds of millions of dollars.”
The lawsuit is the latest controversy to hit the embattled tech company following a disastrous float in December 2020.
Additional reporting: Matt Bell
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