ASIC concludes Nuix insider trading investigation
ASIC has concluded its investigation into alleged insider trading by financial technology company Nuix’s chief executive Jonathan Rubinsztein.
ASIC had been conducting an investigation into the acquisition of Nuix shares by its chief executive in early September 2022. It also investigated Nuix’s response to an ASX enquiry related to those circumstances in the same month.
In a statement to the ASX on 8 April, Nuix said: “ASIC has today confirmed that it has finalised its investigation and determined that it will not take any enforcement action.”
Nuix said the CEO’s purchase took place with “prior approval and during an approved trading window”.
Nuix is a provider of analytics and intelligence software to help customers analyse data from multiple sources for use in regulatory compliance, litigation support and data governance, among others.
A separate statement from ASIC said there was “insufficient evidence” to establish that there had been a breach of insider trading laws.
“ASIC has concluded that following an extensive investigation there is insufficient evidence to establish to a court that there has been a breach of insider trading laws during 5 to 8 September 2022 by Jonathan Rubinsztein in Nuix Limited.
“A detailed and thorough investigation was undertaken that included issuing compulsory notices to produce documents and attend examinations by various individuals including Nuix officers and conducting an exhaustive review of Nuix internal records including communications between relevant officers and material obtained from other sources.
“The investigation did not identify evidence to suggest that at the time Mr Rubinsztein purchased Nuix shares he was aware that an approach had been made by Reveal. This was consistent with information provided by Nuix to the ASX in response to a query letter from the ASX concerning Mr Rubinsztein’s trading.
“ASIC’s investigation also determined that the ASX Listing Rules did not require disclosure of the terms of the offer by Reveal given the offer was incomplete and confidential, nor was Nuix obliged to provide disclosure in response to the media speculation.”
The regulator said it may recommence its investigation or commence enforcement action if circumstances change.
AUTHOR
Laura Dew
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