This Month
Inside the frantic months after Nuix hit the ASX – and the skids
Now the subject of legal action by the regulator, new details show what was going on at the top of a hot tech stock which crashed back to earth.
BRC Capital faces crunch as investments including Hiro Brands fail
The company is a major sponsor of the Melbourne Rebels, with some directors in the portfolio receiving tax office notices over late payments.
Morgan Stanley was warned about ‘unusual’ Nuix targets in 2020
The investment bank was a co-lead manager for the software company’s disastrous 2020 float, shortly after which Nuix said it would not meet its forecasts.
Directors expected Nuix to make up lagging performance, court told
Nuix directors relied on performance data from management, which indicated the tech stock would get itself out of trouble in time to hit prospectus guidance.
Ex-Nuix chair was in ‘state of shock’ after share price slump
Jeffrey Bleich said he was convinced by management that the firm could turn itself around and that is why they did not disclose its poor performance to investors.
- Exclusive
- Funding
New fund targets companies battered by market doubts
Record low biotech valuations have prompted a new VC investor to start shopping with a planned $200 million fund.
North American crypto fund scours Australia looking for bargain buys
Animoca Brands, a blockchain-based gaming business, is being targeted by the $760 million fund with a mandate to soak up secondary shares at big discounts.
Nuix director concedes he didn’t read board papers
Iain Lobban told the Federal Court he largely relied on others on the board and management when considering what should be disclosed to investors.
Altium’s board shuffle raises eyebrows
Altium has long been run like a family business. But with the resignation of its chairman, will the design software company level up?
November
Shareholders oust Michelle Guthrie from video game maker’s board
The former ABC managing director has been voted off the board of the video game developer.
Westpac dips toe back into venture capital, backs AI loan assessor
Sydney-based Rich Data Co has banked $28 million in a Series B round led by the major lender and nCino, a cloud banking provider based in the US.
ASIC witness concedes ground on Nuix accounting forecasts
ASIC’s accounting expert said that annualised contract value – the measure by which Nuix records much of its performance – was an imperfect measure.
Wesfarmers-backed InstantScripts fined $742,500 for prescription drug ads
The Therapeutic Goods Association has now issued 45 infringement notices to the telehealth start-up.
Inside the long slide of Binance – and its lucrative Australian business
If Zhao’s downfall came in a Washington state courtroom, it arguably started in Australia, where ASIC began cancelling its licences months earlier.
ASIC’s advice was ‘in the teeth’: Nuix
It has claimed public guidance provided by the Australian Securities and Investment Commission around disclosure contradicts the case brought by the corporate regulator.
Disappointing Nuix kept quiet after $1.8b float
Nuix has been accused of misleading the market by not divulging a failure to meet financial targets presented during its $1.8 billion IPO.
This big money play is just the start of a tech M&A wave
A big money acquisition of Brisbane tech firm Reekoh by US giant Autodesk could signal the start of a rush of deals and a period of consolidation in the sector.
- Exclusive
- Conflict of interest
Deloitte accused of double-dealing Honda sellers
Honda dealers are suing their parent company, and say auditors Deloitte used their confidential accounts data to help the car manufacturer buy them out cheaply.
After viral sexist post, women in start-ups say worse issues are buried
“Young men get given boatloads of venture capital and are suddenly in power,” says one veteran woman in the industry. “It’s a dreadful environment to work in.”
Crypto hack suggests Australia’s CoinSpot has been compromised
More than $2 million has been drained from accounts, but the Melbourne-based cryptocurrency exchange says “no customers” have been affected.
