Shine Lawyers has launched a class action on behalf of shareholders who suffered losses after acquiring Nuix Limited (NXL) shares.
If you acquired NXL shares as part of the initial public offering, or on the market between 18 November 2020 and 31 May 2021, you may be eligible to join this class action.
What is the Nuix Shareholder Class Action about?
Since listing on the ASX in December 2020, NXL’s share price has fallen heavily. The decline follows a February 2021 announcement that NXL had only achieved around 44% of its FY21 revenue forecast (total half year revenue down 4% year on year), and subsequent announcements in April and May downgrading NXL’s revenue forecast for FY21.
This class action seeks compensation on behalf of NXL shareholders who suffered financial loss due to NXL’s alleged:
- Misleading and deceptive conduct
- Insufficient disclosure in the prospectus
- Breach of continuous disclosure obligations regarding NXL’s financial forecasts.
Can I join the Nuix Shareholder Class Action?
To be part of this class action, you must have:
- Purchased shares in Nuix Limited (ASX:NXL) as part of the initial public offering, or on the market during the period 18 November 2020 to 31 May 2021.
If you meet this criteria, you may be entitled to compensation, and you are encouraged to register for the Nuix Shareholder Class Action.
How to register for the Nuix Shareholder Class Action
To register on a confidential, no-cost, no-obligation basis, please click the button below and fill out the form.
Background to the Nuix Shareholder Class Action
The Shine Lawyers Class Actions Team commenced the class action against NXL following reports of alleged misconduct in connection with the software company’s initial public offering and downgrades to its financial forecasts during the months following.
NXL lodged its IPO prospectus with ASIC.
NXL listed on the ASX at $5.31.
NXL reported its first financial results since listing on the ASX, outlining its half year results for FY21. NXL reported that it had only achieved 44% of the yearly revenue forecast for FY21, achieving $85.3 million (down 4% year on year). In the same announcement, the company affirmed its prospectus guidance of $193.5 million in revenue for FY21. NXL's share price fell $2.91 (or ~32%).
NXL downgraded its revenue forecast from prospectus guidance for FY21. NXL’s share price fell $0.78 (or ~15%).
NXL further revised its revenue forecast for FY21. NXL’s share price fell $0.60 (or ~18%).
It was reported that ASIC is investigating whether NXL overstated its financial forecasts ahead of its listing on the ASX. NXL has since confirmed that ASIC is investigating matters relating to NXL’s financial statements.
NXL announced that the employment of its Chief Financial Officer had been terminated and that there will be a transition period to replace NXL’s CEO, who has decided to retire.
Who is Shine Lawyers’ Class Action Team?
Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes: