Update: Registration/Opt-out
Please see the following important notice from the Supreme Court of Victoria: Registration and Opt Out Notice
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 nuixclassaction@shine.com.au or on 1800 560 656 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?
If you acquired an interest in shares in Nuix Limited (ASX:NXL) in the period 18 November 2020 to 29 June 2021 (inclusive) then you may be eligible for compensation and are encouraged to register.
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.
18 November 2020
NXL lodged its IPO prospectus with ASIC
4 December 2020
NXL listed on the ASX at $5.31
26 February 2021
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%)
21 April 2021
NXL downgraded its revenue forecast from prospectus guidance for FY21. NXL’s share price fell $0.78 (or ~15%)
31 May 2021
NXL further revised its revenue forecast for FY21. NXL’s share price fell $0.60 (or ~18%)
7 June 2021
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
15 June 2021
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
24 June 2021
A search warrant was executed at Nuix’s Sydney office seeking documents in connection with an investigation being conducted by ASIC. NXL announced its understanding that the warrant related an investigation of the affairs of an individual, rather than any allegation of wrongdoing by the company
29 June 2021
Articles were published in The Sydney Morning Herald and The Age which reported that the former Chief Financial Officer of Nuix and his brother are the subject of a criminal investigation into allegations of insider trading in Nuix shares during the period of 22 January 2021 to 12 February 2021
Frequently Asked Questions
What is a class action?
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?
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?
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?
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.
Meet the Nuix Shareholder Class Action team
Shine Lawyers’ Nuix Shareholder Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below.
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.
