Shine Lawyers Logo
1800 325 172

Nuix Shareholder Class Action

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.


Shine Lawyers and Phi Finney McDonald have reached an agreement proposing that the class actions filed on behalf of their respective Lead Plaintiffs and Group Members be consolidated.

The proposal to consolidate the two class actions, and to permanently stay a similar action filed by Banton Group, will be determined at a hearing on Thursday 16 June 2022 in the Supreme Court of Victoria.

Shine Lawyers will provide a further update to Group Members following the hearing in June, or in the event of any further developments in the meantime.

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.

Sign up for the class action

Register now

If you have any questions or require any assistance in registering for this class action, please contact our Nuix Shareholder Class Action Team at [email protected] or on 1800 325 172.

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:

Common Questions

There are three criteria that need to be fulfilled for a class action to take place:

  • There must be seven or more people claiming;
  • The claims must arise out of the same, similar, or related circumstances; and
  • The claim must relate to at least one common issue of law or fact.

Class actions in Australia work on an opt-out model. This means that all potential claimants become group members of the action whether they intend to participate or not. These group members are bound by the judgment of the court or settlement unless they opt-out. The group members in a class action are usually notified about the class action by order of the Court.

Due to the size of each individual claim, the costs of running this action as an individual would quickly exceed the potential damages recoverable. As each group member’s claim involves many common questions of fact and law, running this action as a class reduces the average cost of litigation to a client by only addressing the common issues once at trial, instead of multiple times.

Due to the nature of class actions, the first stage of the proceedings can take between twelve months to three years or more from its commencement.

Unless a settlement is reached, the first stage will only resolve the representative’s claims and the common issues of the proceedings, with group member claims to be resolved individually at a second stage of the proceedings.

It costs you nothing to join the class action. Group members will have no liability for legal costs if the class action is unsuccessful. Please refer to our Class Action Summary Statement for more information.