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HAHAHAHAHAHAHA13 mins ago – 10.07AMCourt dismisses Sheehy options claim in Nuix trial
Jessica Sier
Nuix will not have to pay Eddie Sheehy $183 million after a five-year battle with the former chief executive who claimed he was entitled to a stock split that would have allowed him to cash out during the company’s billion-dollar IPO in 2020.
Justice John Halley dismissed Mr Sheehy’s claim on Tuesday, who said the former CEO’s share dispute had already been dealt within a 2019 Supreme Court decision on the matter.
Further, Justice Halley said that even if that decision hadn’t been made, Mr Sheehy could have only exercised his options if there was a “sale of business” before 2010.
Former Nuix chief executive Eddie Sheehy. Fairfax
“I’m otherwise persuaded there’s been no breach of that agreement because there’s been no sale of the business of Nuix,” Justice Halley told the court.
“Nor am I persuaded the conduct of Nuix in not accepting the option exercise notice was oppressive.”
Mr Sheehy, who left Nuix at the beginning of 2017, has been in a battle with the technology company over 453,273 options which he argued should emerge as 22.7 million shares during a stock split that affected other investors such as Dr Tony Castagna who was Nuix’s chairman at the time and also had an options package.
Shares in Nuix went into a trading halt ahead of the decision.
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