Regulatory Alerts2026-04-23
Federal Court dismisses ASIC’s continuous disclosure case against Nuix
The Federal Court dismissed ASIC’s case against Nuix Limited, ruling that the company did not breach continuous disclosure obligations or mislead investors regarding its 2021 financial forecasts. The Court also rejected ASIC’s claims against the Nuix board for alleged failures to prevent misleading statements and ensure proper disclosure. ASIC Chair Joe Longo emphasized the importance of timely disclosures, and the regulator now has 28 days to decide whether to appeal the judgment to the Full Federal Court.
The Federal Court today dismissed ASIC’s case against intelligence software provider, Nuix Limited.
The Court found Nuix did not breach its continuous disclosure obligations and did not mislead investors when reaffirming its financial forecasts in early 2021, following its initial public offering (IPO) in December 2020.
The Court also dismissed ASIC’s claims against the Nuix board for alleged breaches of their directors’ duties by failing to take reasonable steps to prevent Nuix from making misleading statements and breaching its continuous disclosure obligations.
ASIC Chair Joe Longo said, ‘Continuous disclosure is a cornerstone of effective capital markets. ASIC pursued this matter because we were concerned investors were not receiving timely and accurate disclosures regarding Nuix’s earnings.’
ASIC will consider the judgment carefully. ASIC has 28 days to file a notice of appeal to the Full Federal Court.
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Judgment