The Australian Securities & Investments Commission has filed an appeal against a Federal Court judgment that dismissed its case against Nuix Limited, challenging the rejection of allegations that the company breached continuous disclosure obligations and engaged in misleading or deceptive conduct in statements to the market about its financial performance. ASIC said it is appealing because it considers there were errors in the primary judge’s findings, but it is not appealing the court’s decision on its separate claims alleging breaches of directors’ duties by Nuix’s board. ASIC commenced the proceedings in September 2022, and the appeal will be heard by the Full Federal Court on a date to be determined. The underlying case focused in part on Nuix’s forecast annualised contract value growth, a non-statutory metric promoted in its prospectus that ASIC considers relevant to investors’ assessment of the company’s underlying revenue growth and earning potential where statutory revenue may be affected by revenue recognition patterns.
Australian Securities & Investments Commission2026-05-21
Australian Securities & Investments Commission appeals dismissal of Nuix disclosure and misleading conduct case but not directors ruling
The Australian Securities & Investments Commission has appealed a Federal Court judgment dismissing its case against Nuix Limited over alleged continuous disclosure breaches and misleading market statements about financial performance. ASIC argues the primary judge erred in rejecting these allegations but is not appealing findings on alleged directors’ duties breaches. The case centred partly on Nuix’s forecast annualised contract value growth, a non-statutory metric ASIC says is relevant to investors’ assessment of underlying revenue growth and earnings potential.