The Federal Court today dismissed the case brought by the Australian Securities and Investments Commission (ASIC) 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.

The regulator said it will consider the judgment carefully. ASIC has 28 days to file a notice of appeal to the Full Federal Court.