Nuix officially terminates contract with ex-chairman Tony Castagna

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Nuix officially terminates contract with ex-chairman Tony Castagna

Nuix Software has today announced the termination of its consulting contract with former board chairperson Tony Castagna after controversy around stock options that saw him net $80 million.

The Australian Financial Review and Sydney Morning Herald have been reporting on an issue that has resulted in investigations by the Federal Police, although no charges have yet been made.

There were alleged discrepancies in the company’s financial reports that may indicate the shares that Castagna sold for $80 million might not have been issued at the time indicated.

However, the police are not revealing the nature or severity of the offences they are looking into.

Castagna resigned from the company’s board in November.

The release announcing the contract termination (pdf) stated, “Dr Castagna has been a significant part of Nuix’s success since its inception and we thank him for his long and important service to the Company.”

Dogged by issues over the last months, the once golden tech stock has plummeted. As reported by the AFR, shareholders took a $2.4 billion hit resulting in chief executive Rod Vaudry saying he was “incredibly sorry.”

Castagna was previously acquitted of tax fraud after spending four months incarcerated on charges brought by the Australian Taxation Office.

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