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Shine Lawyers has today launched a class action against data analytics and intelligence software firm Nuix (ASX: NXL), with shareholders alleging the company breached disclosure obligations and provided investors with an inadequate guidance on revenue and misleading sales forecasts.
The firm’s class actions practice leader Craig Allsopp said shareholders allegedly lost millions of dollars due to an inflated forecast that saw the company’s share price hit record highs before crashing earlier this year.
NXL’s share price has dropped repeatedly over a short period of time, from a listing price of $5.31 to a high of over $11 in January 2021 and then under $3 following the series of earnings downgrades up to 31 May 2021.
Allsopp said Shine’s investigation revealed that the “company’s prospectus and financial forecasts may have misrepresented or omitted financial information and potential risks, which was misleading and deceptive to investors”.
“This inflated forecast has ultimately cost shareholders hundreds of millions of dollars," Allsopp said.
“Our class action aims to recover these losses for the thousands of investors impacted by Nuix Limited’s alleged misconduct.”
In response, Nuix said it disputed the allegations and will be defending the claim.
Investors who purchased NXL shares from the IPO, or on the ASX between 18 November 2020 and 30 May 2021, are able to register for Shine’s class action.
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