News: NXL UPDATE 1-Australian regulator sues Nuix over disclosure breaches

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Sept 29 (Reuters) - Australia's corporate regulator filed a civil lawsuit against Nuix Ltd (NXL) and its directors in the federal court on Thursday, accusing the software maker of misleading prospectus forecasts for fiscal 2021 and other disclosure breaches.

The Australian Securities and Investments Commission (ASIC) claimed that Nuix made "deceptive statements" in February and March 2021 while reaffirming its Annualised Contract Value (ACV) and statutory revenue forecast for fiscal 2021.

"ASIC alleges that at the time of these announcements, Nuix was aware that ACV for financial year 2021 was likely to be materially below forecast, which made those announcements misleading and gave rise to the need for corrective disclosure," the regulator said in a statement.

Nuix, which is backed by investment bank Macquarie Group Ltd (MQG) , has lost about 90% of its market value since listing in December 2020 amid regulatory scrutiny.

Macquarie did not immediately respond to a Reuters' request for comment.

ASIC decided not to take further action after concluding its investigation into last year's suspected insider trading case in Nuix shares.

"Nuix denies the allegations made against it and the allegations made against the director respondents and intends to defend the proceedings," the company said in a statement.

ASIC had also suspected Nuix of lying in its prospectus ahead of the A$953 million ($684 million) initial public offering.

The regulator had completed its probe in February into the company's pre-IPO financial statements and decided to not take further actions.