Shareholders file class action against global technology company, Nuix
18 November 2021
Nuix Limited (NXL) shareholders have filed a class action against the company alleging it provided investors with an inadequate guidance on revenue, misleading sales forecasts, and breached the company’s continuous disclosure obligations.
NXL provides data analytics and intelligence software used by international regulators, tax officials, law enforcement agencies and the private sector, often to investigate potential fraud and misconduct.
Class Actions Practice Leader, Craig Allsopp said the firm’s investigation has 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.”
“Our class action aims to recover these losses for the thousands of investors impacted by Nuix Limited’s alleged misconduct,” said Mr. Allsopp.
NXL’s share price has dropped repeatedly over a short period of time, from a listing price of $5.31 to a high of over $11 in January 2021 and then under $3 following the series of earnings downgrades up to 31 May 2021.
“Investors who purchased NXL shares from the IPO, or on the ASX between 18 November 2020 and 30 May 2021, are encouraged to register for the class action,” Mr Allsopp said.
Shareholders are encouraged to register their interest in the Nuix Shareholder Class Action here.