Nuix has all clear for CEO trades

The corporate regulator has dropped an investigation into the boss of Nuix, clearing another hurdle for the ASX-listed tech company, after concluding there was insufficient evidence he knew about a potential acquisition approach for part of the company’s assets.

In a market update, Nuix revealed the Australian Securities & Investments Commission had notified the company it had finalised a probe into its chief executive Jonathan Rubinsztein.

ASIC had opened an investigation into Mr Rubinsztein after discovering the Nuix boss bought 800,000 shares in the listed tech company across three trades in September 2022.

Mr Rubinsztein dropped $236,269 on the trades, which came as Nuix was fielding a market approach from USbased legal software company Reveal, which had explored a potential purchase of some of Nuix’s assets.

Nuix revealed the potential approach, noting it had not received a formal bid nor a written proposal but confirming contact had been made by Reveal to the company’s chair Jeffrey Bleach.

Nuix’s share price, depressed after a string of poor performance and missed estimates, jumped on the news.

ASIC had moved to probe Nuix’s handling of the issue as well as the company’s responses to the ASX’s listings compliance team on September 14.

The investigation into Mr Rubinsztein’s trades came as the latest in a smattering of legal action taken against the company by ASIC.

But on Monday, Nuix said ASIC had dropped the investigation, noting “the CEO’s acquisition of Nuix shares took place with prior approval and during an approved trading window”.

An ASIC spokesman said the regulator had concluded its investigation after finding insufficient evidence that Mr Rubinsztein traded shares with knowledge of the Reveal offer.

The spokesman said ASIC had undertaken a “detailed and thorough investigation”.

With Jared Lynch