Finance

Australia’s Nuix says regulator is investigating its financial statements By Reuters

© Reuters. FILE PHOTO: The logo of software company Nuix can be seen in their office located in central Sydney, Australia, April 5, 2016. REUTERS/David Gray/File Photo

(Reuters) – Australian software provider Nuix Ltd said on Wednesday that it was being investigated by a regulator over suspicion its financial statements for three years to June 2020 and the prospectus issued prior to its IPO breached corporate law.

The company said its former Chief Financial Officer Stephen Doyle and two of his family members were also being investigated by the Australian Securities and Investments Commission (ASIC).

“We are genuinely disturbed by the allegations concerning Mr Doyle,” the company Chairman Jeffrey Bleich said in a statement, without providing any details on the allegations.

Nuix is not aware of the precise nature of the probe and has not received any formal notification from ASIC, the company said, adding it will cooperate with any investigation.

“ASIC obtained ex parte travel restraints on 23 June 2021 for the purpose of ensuring that Mr Ross Doyle remains within the jurisdiction to assist with ASIC’s investigation,” the regulator said referring to the former CFO’s brother.

“These orders were extended by the Federal Court yesterday until 25 October 2021. As ASIC’s investigations are ongoing, we do not propose to comment further,” the regulator added.

Stephen Doyle did not immediately respond to messages sent on LinkedIn.

The probe comes on the heels of news earlier this month that two of Nuix’s top bosses would leave the company https://www.reuters.com/technology/top-bosses-australias-nuix-exit-amid-share-price-plunge-outlook-cuts-2021-06-15, including Doyle whose contract with Nuix was terminated by mutual agreement. CEO Rod Vawdrey is set to retire.

Nuix shares have tumbled more than 70% since its listing late last year following earnings downgrades and criticism by the media and proxy advisory firms of its financial accounts.

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