I like the chances of the lawyers making money from a class...

I like the chances of the lawyers making money from a class action. I'm not sure shareholders will see anything though.

Points 1-4 above were covered in the Prospectus (for those who bothered to read it). With limited information, and on only what is reported in media and ASIC responses to Senate, I tend to agree that since the law and ASICs role changed (about 20 years ago now I think), ASIC fulfilled its mandate when you consider the risks section in the Prospectus effectively says, "everything you read in here may not not be accurate and our company has only recently commenced putting in place governance systems to meet legal and regulatory requirements."

Given these disclosures and ASICs role, which doesn't include making a call about whether it's a good investment or not, I would argue the risks section of the Prospectus is fair warning to all punters. Even the lawyer reporting to ASIC ('whistleblower' according to AFR - not sure what they were blowing whistle about as everything they reported to ASIC was in black and white in Prospectus) concedes all these clauses were clearly stated in the prospectus. Having said that, in all the hype I can see how people's greed got the better of them and they parted with their money regardless of the warnings provided by Nuix.

For me it just confirms what Graham and Dodd (the guys who Buffett learned from) wrote in 1940 about retail investors speculating by buying IPOs... "This we can condemn unhesitatingly and with emphasis. The odds are so strongly against the man who buys into these new flotations that he might as well throw three-quarters of the money out of the window and keep the rest in the bank".

GLTAH