Update: Consolidation of Proceedings
On 23 August 2022, the Supreme Court of Victoria ordered that the class actions filed by Shine Lawyers and Phi Finney McDonald would be consolidated, and the class action filed by Banton Group be permanently stayed.
The Supreme Court also allowed Shine Lawyers and Phi Finney McDonald’s proposal that the firms continue to work together in the conduct of the consolidated class action.
To this end, Shine Lawyers will be the solicitors on the record and Phi Finney McDonald will be engaged to work on the matter under an agency arrangement.
Please contact Shine Lawyers’ Nuix Shareholder Class Action team at email@example.com or on 1800 325 172 for any questions regarding the consolidation of proceedings.
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 in its half year results (total half year revenue down 4% year on year), and subsequent announcements in April and May downgrading NXL’s revenue forecast for FY21. NXL's share price fell further after information was disclosed in June 2021 regarding a criminal investigation into the allegations of insider trading in NXL shares by its former Chief Financial Officer and his brother.
This class action seeks compensation on behalf of NXL shareholders who suffered financial loss due to NXL’s alleged:
Misleading and deceptive conduct
Inadequate disclosures in the prospectus
Breach of continuous disclosure obligations.
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 29 June 2021.
If you meet this criteria, you may be entitled to compensation, and you are encouraged to register for the Nuix Shareholder Class Action.
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.
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
There must be 7 or more people that have claims against the same defendant; and
The claims relate to the same or similar circumstances; and
The claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.