These shares would have been worth as much as $268 million when the stock peaked in January 2021,which was prior to him being able to sell them. Sheehy argued he has suffered a loss of between $96.9 million and $182.4 million depending on when he could have sold these shares.
Nuix shares closed 44 per cent higher at $1.30 after the announcement on Tuesday.
“Mr Sheehy is not entitled to any monetary compensation from the company,” Nuix said,but added that he would have a period of time to appeal the decision.
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Nuix was floated on the ASX in December 2020 with a valuation of $1.8 billion but was worth less than $200 million as recently as November after a series of scandals and downgrades that have triggered class actions and legal action by ASIC.
The marathon Federal Court legal battle with Sheehy ended on Tuesday morning with Justice Halley determining that Sheehy failed to overcome the two fundamental hurdles he faced and dismissed the proceedings.
The first hurdle was whether the options Sheehy held in accordance with the 2008 agreement were exercisable in accordance with their terms.