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Nuix's Regulatory Overhand Largely Removed After Court Dismisses ASIC Claims, Jefferies Says

-- The judgment in a Federal Court case largely removes the regulatory overhang for Nuix (ASX:NXL), removing a major source of uncertainty for the stock, Jefferies said in a Thursday note.

Australia's Federal Court on Thursday dismissed the Australian Securities and Investments Commission's (ASIC) claim that Nuix made misleading or deceptive financial guidance disclosures to the market in 2021, finding no wrongdoing by management or directors. The regulator has 28 days to appeal the ruling.

A shareholder class action remains ongoing in Victoria and is currently expected to proceed to court in August. Nuix has indicated it intends to defend the case in court.

The investment firm maintained its buy rating and assigned a price target of AU$2.20 per share.

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