Ann: ASIC Enforcement Proceedings, page-29

Senator Deb O'Neill was all over the Nuix debacle from June last year when she gave the following speech in Parliament:

https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansards/2fcd0904-5562-433d-b91e-861dafbce4f6/&sid=0286

It has taken ASIC over 15 months since the Senator gave this speech to take action on matters that were plain to see from the very beginning - that the Nuix Prospectus was defective and misleading. More than $3.5 billion in shareholder value has been destroyed since January 2021 with Nuix's market cap now a mere $180M.

Curiously, former CFO Doyle was not named in ASIC's filing lodged in the Federal Court yesterday. How can it be the case that the CFO (of what was then a multi billion ASX200 company) does not appear to have been involved in the forecast (and reforecast) process that has led to ASIC to sui Nuix (and current and former directors) for multiple breaches of continuous disclosure laws? At the very least shouldn't the former CFO have been included as a defendant given he was a senior officer of the company.

Whilst the Nuix Prospectus has seemingly been given the all clear by ASIC, one wonders whether ASIC is covering up their failure to conduct a proper review of the Prospectus prior to the IPO. It beggars belief that the forecasts in the Prospectus were out of date a mere month after the IPO was allowed to proceed, despite multiple warnings.

The more likely scenario is that there was no reasonable basis for the Prospectus forecasts in the first place. ASIC still has many questions to answer in this regard.