What’s been happening with the Nuix share price of late?

The Nuix Ltd (ASX: NXL) share price has climbed 13% in the past month and the momentum has continued today.

The Nuix share price hit an intraday high of 67.5 cents per share after the ASX-listed software company announced the consolidation of multiple class action claims as a single claim.

At the time of writing, Nuix shares are trading hands for 65.5 cents each, up 0.77%.

Let’s check the latest news to see what’s been happening with the Nuix share price.

Nuix reports poor FY22 results

Last week, Nuix released its FY22 results and the biggest takeaway was the significant fall in net profit after tax (NPAT). This was down 190.4%, as covered by my colleague James Mickleboro.

Despite the poor results, management expressed a positive outlook, buoyed by fresh strategic initiatives to drive growth.

However, there are a few niggling issues that management needs to address.

Status of the legal claims against Nuix

In November 2021, shareholders launched a class action against Nuix through the legal firm Shine Lawyers. This action alleged Nuix provided “inadequate guidance” on revenue and “misleading” sales forecasts.

A week later, Nuix received notice of a second class action from Daniel Joseph Batchelor and shareholders who purchased Nuix shares during its initial public offering (IPO) between 4 December 2020 and 29 June 2021.

Today, the software company advised the Supreme Court of Victoria has ordered these two actions be consolidated into one claim.

The Supreme Court of Victoria also ordered that the proceeding commenced by Banton Group be permanently stayed. It means this claim is on hold until further orders.

Nuix noted it disputes the allegations contained in the claim and will be defending it.

Appointment of general counsel

Last month, Nuix announced the appointment of Ilona Meyer as the new general counsel and company secretary. She was to commence this week and it looks like she’ll have her hands full.

Meyer was previously the head of legal and compliance and company secretary at Boehringer Ingelheim. She has also previously worked at public companies ResMed (ASX: RMD) and 3M Australia (NYSE: MMM).

Nuix’s former general counsel Brian Krupczak left in August after 12 years with the company.

Nuix share price snapshot

The Nuix share price has crumbled along with many other ASX growth shares, falling by 50% in the last six months but has rebounded in the last month, climbing 13%.

It’s been relatively smoother sailing for the S&P/ASX 200 Index (ASX: XJO), which is up 0.1% in the last six months and up 3% in the past month.

Nuix’s market capitalisation is currently around $209 million.

The post What’s been happening with the Nuix share price of late? appeared first on The Motley Fool Australia.

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Motley Fool contributor Raymond Jang has no position in any of the stocks mentioned.The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd and ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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