In ASIC v Nuix Ltd [2026] FCA 490, the Federal Court of Australia dismissed proceedings brought against Nuix and its directors for alleged misleading or deceptive conduct, breaches of continuous disclosure obligations, and s180 Corporations Act breaches.
The proceedings concerned a prospectus published to the market ahead of the $1.8 billion float of Nuix on the ASX. ASIC contended that a Prospectus Revenue Forecast was misleading and that Nuix failed to publish appropriate corrective statements to the market.
In dismissing the proceedings, Goodman J held that ASIC’s case for misleading or deceptive conduct was “contrary to commercial reality” in circumstances where the realised revenue result was 9.6% short of initial forecasts, and 4.7% short once disclosed “headwinds” events were accounted for.
The 995 paragraph judgment followed just over three weeks of hearings involving six defendants.
Jerome Entwisle appeared for Nuix.
Declan Roche SC and Kellie Dyon appeared for Ms Thomas, a non executive director of Nuix.