Macquarie Capital has hit back at a class action over an alleged misleading prospectus for Nuix’s $1.8 billion IPO, saying it was entitled as underwriter to rely on the software company’s promises.
A judge has made a class closure order in a shareholder case against software company Nuix and underwriter Macquarie Capital, but rejected a bid to keep the order in operation until trial.
Nuix had information in January 2021 which undermined the growth story presented to the market in the prospectus for its IPO, a court has heard on the first day of ASIC’s case against the tech company and a handful of former directors.
As it readies its civil penalty suit against tech company Nuix for trial, ASIC has flagged a possible dispute about the extent of penalty privilege pleaded by a handful of former and current directors named in the case.
A shareholder class action against software company Nuix will go ahead as planned, after a stay application threatened to put the proceeding on ice pending the outcome of a separate case brought by ASIC.
A former Nuix director has made a bid to stay a shareholder class action, which accuses the software company of failing to alert the market to red flags in the business, pending the outcome of separate proceedings by ASIC.
Hitting back at ASIC’s claims it misled investors and breached disclosure rules, technology company Nuix says it had no knowledge it was failing to meet its FY21 forecast and didn’t need to disclose to investors draft documents showing missed internal targets.
From a lengthy committal hearing challenging the ACCC’s investigatory techniques to repeated attacks on the prosecution’s indictment, an indefatigable team of barristers and lawyers across eight law firms helped bring an end to the four-year long pursuit of criminal cartel charges against three banks and six individuals over a $2.8 billion ANZ share placement.
The CDPP’s decision to drop all criminal cartel charges against two banks and four individuals in a “test case” over a $2.5 billion ANZ share placement shows the ACCC “lacks expertise and objectivity” on the financial markets and should leave them to ASIC to regulate, according to one of the former accused.
In a stunning reversal, the Commonwealth Director of Public Prosecution has dropped all criminal cartel charges against two investment banks and four individuals in relation to a $2.5 billion ANZ share placement, four years after the charges were brought following an allegedly questionable investigation by the ACCC.