It's in the Federal Court, not the NSW Courts. The case number is NSD1168/2020. You can see details here: https://www.comcourts.gov.au/file/Federal/P/NSD1168/2020/actions
The most recent orders of the Court (dated 19 March) show that the parties are in the process of gathering evidence in respect of an interlocutory application filed by Nuix dated 4 March 2021. Based on the orders of 10 Feb, that application appears to be an application for the hearing of separate questions by the Court. This effectively provides a mechanism for the Court to determine particular narrow issues that can be easily resolved, but which may underpin the case relied upon by the applicant, without the need for a hearing on all contested questions of fact and law. I expect that Nuix is of the view that it can simply ask the Court to interpret the 2019 consent orders (and potentially any related agreement between Nuix and Sheehy) and defeat Sheehy's case that way without having to proceed with the time and expense of a full hearing.
So the next step is for the hearing of the separate questions to be listed for determination. It's a long way off any substantive hearing that could award Sheehy the shares he's seeking. Prior to that occurring, the interlocutory application would need to be resolved in his favour, the parties will need to prepare evidence in relation to all remaining issues in the substantive proceeding, and will have to attend a court-ordered mediation. That all takes a very long time (~9 months or so).
FWIW, as a commercial litigation lawyer, I'm not too concerned about these proceedings. The market seems to have really overreacted, and/or does not understand the dispute. It's difficult to be 100% certain without having seen the relevant documents upon which Sheehy and Nuix settled their previous dispute, but (a) it seems pretty hard to imagine that Nuix would have left any settlement agreement ambiguous given Sheehy had already tried to sue them once, and (b) there is a 2019 consent order that at face value clearly states that he's entitled to 453,273 options, which was agreed between the parties AFTER the share split in 2017. In order to succeed Sheehy would need to convince the Court that despite the parties expressly agreeing he was entitled to 453,273 options and filing orders with the Court to that effect, both parties envisaged that he was in fact entitled to more than 22m options.
I feel somewhat for the guy given all he did for Nuix, and it's unfair that Macquarie reaped all the rewards, but as a matter of law he's facing an uphill battle...
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