NXL ASX: Insufficient evidence to charge Nuix boss with insider ...

Nuix said: “The CEO’s acquisition of Nuix shares took place with prior approval and during an approved trading window. ASIC has today confirmed that it has finalised its investigation and determined that it will not take any enforcement action.”

Nuix, which sells software to law enforcement and regulators, is waiting on a decision from Federal Court judge Scott Goodman in separate proceedings over alleged misleading statements to the market.

In that case, ASIC has alleged the company and its board issued false growth targets in 2021 and failed to properly tell investors that Nuix would not hit them.

Nuix defended those proceedings, which went to trial last year, and denied wrongdoing. Its lawyers told the Federal Court that its directors expected Nuix could make up for its lacklustre performance in time to hit the targets.

During the proceedings ASIC abandoned some of the claims it had planned to run and did not launch any claims against investment bank Macquarie, a Nuix investor that underwrote its public offering.

Mr Rubinsztein has consistently defended his conduct, telling The Australian Financial Review last year that he had “nothing to hide”.

Nuix’s shares have recovered 81 per cent over the last 12 months as its legal troubles, which largely stemmed from the fallout of its 2020 initial public offering, have abated. But it is still down about 75 per cent over its life as a public company, trading at $2.04 a share on Monday lunchtime.