As a 19-day trial began in the Federal Court on Monday, ASIC's barrister Jeremy Giles SC said that by New Year's Eve of 2020 - weeks after the float - internal forecasts for Nuix's annualised contract value had dropped to $161.9 million for the 2021 financial year.
Estimates for the first half of FY21 were $17.1 million or 9.6 per cent less than the financial figures used to develop the prospectus prior to the float, he told Justice Scott Goodman.
By April, revenue forecasts were also down to either $185 million or in the range of $180 to $185 million, the court heard.
"What they lost sight of was the need to inform the market," Mr Giles said.
Nuix and its directors allegedly breached the law from January 18, 2021 until April 21 that year by failing to disclose the failure to hit these targets and the reasons behind the underperformance, the court heard.
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The executives sued include former executive chairman and CEO Rod Vawdrey, former executive chairman Jeffrey Bleich and then non-executive directors Iain Lobban, Daniel Phillips, and Susan Thomas.
ASIC is seeking court-ordered penalties and orders disqualifying the former Nuix directors from managing corporations.
The trial continues.
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Ann: Commencement of Federal Court Hearing, page-12
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